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@TopBeancounter - I get what you’re saying about EOG perhaps needing to restart with Plan B.

If there has to be a Plan B, then that implies Plan A hadn’t worked despite the huge cost of funding the CEO for years, buying into the licence, paying for seismic, etc.

Personally, I don’t think that WH deserves the privilege of a Plan B after frontloading bonuses, free shares and share options for failing to deliver Plan A.

Get Barracuda spudded then talk about “new opportunities”

It seems like WH is starting to leave a bad taste in many people’s mouths.

He pumped up the share price at the back end of 2025 with videos of him out in EG, “at pace” comments, “approvals should be a formality and in by end of Q1/2026”, and he managed to get the farmout news out before year end, and - whoosh - along comes a fat bonus and freebie shares on top of a handsome salary for such a small company.

In reality, he hasn’t delivered on the key milestones of signing a rig or spudding a well.

Now, after that poorly handled EGM, raise & WRAP, he’s now saying “more please”

I get what you say about nimbleness, but I suspect he will sign a new exploration licence and start the whole process off again - including further fundraising - in parallel to getting absolutely nowhere with Fuhai.

It really does look like WH is thinking, “Oh crap, EG08 hasn’t worked. Let’s get another show going and distract everyone from the (potential) EG08 failure.”

That spells out more salary for WH and more dilution for us.

It really beggars belief that shareholders are willing to leave yet another lettuce leaf with this rabbit and then expect him not to eat it. He can’t help himself. He’s greedy and not particularly good at his job.

Deliver on EG08 or leave. Don’t waste any more of our money on your enormous salary and undeserved bonuses.

Looks like WH is also starting to believe Antler Global won’t get the Chinese approval 😳

@Serif - thank you for the clarification. I appreciate you reading the fine print more diligently than me 🙏😊

EG08 licence will have to be extended again as I think it runs out in Q4/2026….

Hope he’s applied for that 😳

WH was pumping this share price with “at pace”, “looking for a rig” and the biggest porkie, “approvals should be a formality and in by end of Q1 (2026)”

We can try to stop R6 but how can we stop this ongoing payment of bonuses on promises rather than actual delivery?

“At pace…” my ar*e!

More opportunities for higher salaries, extravagant bonuses, charlatan obfuscation, delays, and, of course, dilution

That really is some cheek from WH (for clarity)

That really is some cheek

The £1,316,000 the BoD wants to raise is for two things (in order of priority):

1/ WH’s SALARY

2/ Another half-baked project that will lead to even more dilution over the next three years (whilst WH is preparing for retirement)

Well, that’s good news - the MMs want to restock

Don’t worry - there will be yet another seller soon

Ummm… either it’s just admin delays in Shangdong or there are complications with the ODI permit.

My guess is that China will want to stay sweet with EG and so this permit will get approved eventually, even if some changes have to be made.

Good find Gerry

I’ve just done a similar search and Google tells me this (courtesy of Clyde & Co):

Overseas Direct Investment (ODI) from Shandong Province requires sequential approvals or filings from the Shandong Provincial Development and Reform Commission (SDRC), the Shandong Provincial Department of Commerce (DOFCOM), and the State Administration of Foreign Exchange (SAFE). The process, timeline, and authority level depend on the transaction size and the sector involved.

Sequential being the operative word.

Once approval is finally received, Fuhai has to do this too:

Enterprise Overseas Investment Certificate - After your filings are cleared by the Shandong Provincial Commerce authority, they will issue the Enterprise Overseas Investment Certificate (EOI). This document acts as the official proof that your ODI has been successfully registered.

Foreign Exchange Registration (SAFE) - With the EOI Certificate, you proceed to a qualified commercial bank in Shandong to complete the Outbound Direct Investment Foreign Exchange Registration. This step officially permits your domestic bank accounts to remit capital overseas.

Easy 😁

At the farm out announcement, WH said that approvals were a doddle (approx) and should be received by end of Q1/26.

Two months overdue, EG’s approval is given. There may have been some to-and-fro to get that.

That was just last week….

The Chinese provincial government of Shangdong now has to do its stuff. As Paul B said, if this isn’t sorted by the start of summer hols (end of July?), then start to worry.

Evenso, given the potential here, it looks like the market is still in two minds about EG…

… an underwhelming rise today on very good news.

What is the market looking for?

Chinese okay?

Rig booked?

Spud?

Massive gas find with drill #1?

Two more massive gas finds with drills #2 & #3?

Sale of company for peanuts?

Europa seems to be off the menu for many institutional investors still.

Is it Antler? Is it EG? Is it HydroCarbons? Dunno

But there will be enough interest from PIs, less-fussy IIs and more

The EG licence runs til Oct 2026, so let’s hope Will has already applied for the extension!

They were broke. Let’s hope that £4m raise doesn't just get frittered away on way-too-high salaries.

If WH does get a rig to spud in EG, then I may look on him a bit more favourably