Member Info for OofyProsser

Cynderlad: I admire your posts here but think you’ve got sister company Anguish wrong. Lucan said last year he was offered $20mm. by banks to fund Poundland. He apparently spurned this and then spent 14 months going from pillar to post, to ever-more-exacting entities, until he finally settled with Mercuria, on potentially crippling terms. His CPR - based on data provided by Anguish - is worthless. It’s about £18mm. short of the actual cash by which they’ll have exceeded the budget, and they’re drilling the sidetrack from a different well, in a different direction and from a well that’s missed several times before. Among other things. The share price there is down a short 90% since his appointment. He’s got no relevant experience and accepted the job, on an interim basis, so he could spend more time with his family. His Q&A often hosts questions that appear to come from shills, who appear to see it as part of their job to try to get research-based or otherwise sceptical posters banned from the bb. Hence the preponderance there of rampers. The Anguish ADVFN site is generally more sensible, believe it or not! Just saying..

Nomlungu: I haven’t seen a placing agreement but it used to be the case with underwriting rights issues that the underwriters and sub-underwriters were expected not to sell shares in the company while the issue was open. It seems among AIM-listed companies conducting placings that this convention doesn’t apply or is in abeyance and that the placees’ price is often protected by a nice ramp while they sell their shares in the market. Money for old rope, what? Nice one.

Ocelot: if the open offer had preceded the placing and shareholders had enjoyed the benefit of a sharp rise in the share price, as placees did, you might have found the open offer pretty fully taken up and the placing impossible to fill.

Ibug is right, this is a poke in the eye for shareholders by an affronted management. I dare say they’re slapping each other’s back, the Chairman and the MD. socially distanced, of course, by 5,000-odd miles.

Yes, HITS, the absence of news on Directors’ share purchases is another indicator of a “who cares?” attitude on the part of this company’s directors. They did have a get-out in the reference to directors’ individual circumstances but it’s at best highly insensitive, at worst it’s at the top of my the “misleading” scale. Anguish also have a get-out in the interim MD’s use of the phrase “I’m sure Directors would be willing to” before the phrase “buy shares”.

Ibug: ah, I see, you were referring to mine re Shetty and Lucan! Yes, though Tids was Chairman, Vonk was MD, wasn’t he? He’s a colourful character, Tids. More so than Mr. Sanderson, the pink trousers notwithstanding.

Ibug : Tids?

Ibig: tids?

There was a bloke called Shetty at NMC who wasn’t too good. Though that was a FTSE100 company and he was Exec. Chairman by then. Lord Lucan at Angus is coming up fast on the rails.

It wasn’t a great Final, was it? England beaten by the smallest possible margin by a team two of whose members should have got a red card, Chiellini for his part-strangulation of Saka (who wasn't playing well anyway) and the other bloke for his tackle on Grealish. Poor old Gareth should have been second-guessing the changes Mancini was making at half time but didn’t really have a clue. Why don’t we clothe our footer players in paper shirts - then the Italians would be left red-faced with a handful of shirt while the England player nips past and scores a goal?

Meanwhile at UKOG.... er... umm.. oh, er ... as the Anguish MD would say.

Trollhunter: your suggestion would at least have the merit of reducing your input here. All you shills and punters want is a chat board for gamblers to buoy one another up and commiserate with their mutual losses. Most of the sceptics here have at least done some work on the company. These chat boards are for people to read both sides of the argument. Surely?

Cynderlad,: I see the open offer and the share price (after a pump and dump that got friendly placees out of their shares acquired at .18p.) as two fingers up to the shareholders who forced it on the Board. “That’ll learn’em”.

Sorry, gkb47, that’s twice I’ve done that in one day..

No, Ocelot. People are not suggesting there are similarities in the respective oil plays in the Weald and Turkey, they're pointing out that there are strong similarities in the management that bought into them. Give or take David Lenigas.

Ibug: I saw a reference to his notifying the company in 2015 that he had a holding but it wasn’t clear that it was a purchase, rather than a placing or options/warrant exercise (if any).

In view of their evident reluctance to buy, I’m a little surprised that anyone would regard the Directors’ participation in such a scheme as anything but a sop to shareholders, instead of a vote of confidence in Turkey or in their own management of the shareholders’ assets.

This is what their announcement re the Directors’ share purchase scheme said:

“...a director’s commitment is envisaged to be in the range of 5-10% of net salary, dependent upon individual circumstance.”

That seems a bit ambiguous to me. Is it the point on the 5-10% range that is subject to individual circumstance, or is it their individual participation in the scheme itself?

The most recent Director’s share purchase, other than by placing, according to “Shares Magazine”, was on 31/3/2011, when one David Wither notified the company that he’d bought 1mm. at 1.10p., for £11,000.

nomlungu: apologies for duplication, was watching the tennis, didn’t see your post.

Charge1962: no, not really.

Ocelot: if they want the price up to the dizzying heights of 1p, they’d do better not to issue 2.7bn. new shares, followed by a similar-sized open offer, wouldn’t they? Or find lots of oil somewhere.

Ozzy: you chaps don’t like analysis much, do you? You appear to get a hunch, pile in and then puff the thing for all you’re worth in the hope of drawing others into the unfolding disaster that your investment has turned into. Good luck with it but kindly don’t try to to discredit people who’ve actually taken the time and trouble to do some work on it and who are prepared to share the results here.

*Ozzy

Izzy: you cannot be serious!

Skwizz: does “target depth” refer to the well or to the share price?