Member Info for oogleflugal

When Eaton left, the announcement was made which thanked him for his 'preformance' and whished him well. He was the operations manager. Mr Bush joined the board a year ago as the new operations manger, so real surprise there. No reactionfrom the market. Dr Rex leaves with jsut a curt message, no thanks, no explanation. Market reaction, drops 15%. Either they simply dont care or they are just plain stupid. Obviously creating shareholder value never has been or was a concern of theirs. Hardly think they will suddenly start relying to invetor queries now. Two options. Go and join Musser on the golf course and sit and wait for outside factors to work, or just wait for outside factors to work

I think succession is already in hand, hence the over staffing for a transitional period. The guy who took the warrants, forget his name, all in AGM.

a law unto themselves. Who knows what their motives are, although they have been fined before. The big one that is preoccupying the market is Gyan, and it is partly that which is obscuring the rest. However it is a big deal for Norpet, and if they dont strike this time then they will have to decide whether they wont to commit to the next round of drilling. That would be an issue for wsx, who have talked about their funding issues should they need to raise more which would not be easy. Nop should be covered, but could they afford to buy wsx and take on their drill commitment too and would they have first refusal over Total? Thats one of several reasons why it would be good to get closure on the sale of some other assets. But then it becomes **** or bust. Dont think Musser is up for that. Much more interested in saving his pension pot.

Whilst I agree with your sentiment I think the agm cash update was £18 million. How much of that is spoken for is not clear, because that's what Musser does intentionally or not, make everything as clear as mud. Thats why the sp is where it is.

Its just we should never have got into this situation. Bad rns, muddled information, lack of management direction and bone idle. Well now their butts are being kicked. Like to have a go myself!

posted lots of other graphs comparing themselves to other equally useless oil companies with less prospects in an attempt to show they are performing comparatively well? The fact is musser old chap, if looking for the problem look no further than into the mirror

Surplus to requirements. Probably forgot he even worked there. It was stated they were now over staffed and that they wanted to hand over the reigns, so there wold be a period of transition. Hang on, havnt we just had one of those. If we have any more we'll end up where we started. O I get it now...

A highlight? I've never heard of a well which was plugged and abandoned as 'successfully producing oil'. Must be what they mean by full cycle oil company. I came, I drilled, I got bucket of oil and abandoned

is if total originally offered 70 million for wsx they could buy them both for about 35 million at todays price plus a bit of a premium still well below 70 for wsx and nop. Dont know how well NOP could defend a bid.

if they have about 20 mil cash, then the assets are worth 6 at current sp.

assets are worth, or Is there something you omitted to tell at the AGM and over the previous 10 years mr musgrove?

We know Musgrove and the chairman are to step down later this year. Quite what that means in total transfer of power remains to be seen. Presumably 'the period of delays that are now behind us, increased activity and hiring of staff' which were going to propel NOP into a new phase of increased activity a couple of years back got the reverse thrust by mistake. Expect a new statement of gobledygook by the incoming chairman. ACTION is what is needed, off the golf course.

I read that from one who attended. I guess Musgrove was relying on too much happening that hasn't gone according to plan, and the little work they have done themselves has been little more treading water. A deal maker with no deals in ten years is a pretty poor manager and one who actually has a placing for a company that was in trouble and turns out to be worthless is highly questionable to which I've tried but had no answer. We've suffered from the snowball effect of complacency. Never a plan b, just wait for someone else to do something. If the offer for Gyan had been accepted by wsx and resulted in the same deal for NOP, how would the money have been used? If Italy is the amazing company maker that we are regularly told, why is it so difficult persuade a major. The latest excuse is environmental hurdle again. This Italy story has been running for years. If we had someone like Tom Cross, we would'nt still be gassing about it. They have confirmed the possibility of cash return to shareholders which will probably keep the sp down now. If only they got on and did things instead of talk, the sp would be a lot healthier. Its action that moves an sp up and gassing that moves the sp down and its been nothing but gas so far and it really grates why Musser is paid so much for that. He's so proud of the environmental record. Not surprising its difficult to have a spillage when you dont actually produce anything

but nor could I invest more under current regime. If its going to be put right then the sp is immaterial. The sp is not going to improve with musser at the helm, and if he wont do the decent thing then there is no rush to invest

Not for musgrove! Off for his well earned weekend I expect

This sp is not a reflection of the value in nop, but a market statement of the BOD. The probability of a strike in Gyan remains strong and thus if successful would realise a value of at least £70 million upwards. If not its worth nothing because zadeuyus is not commercial on its own as confirmed by wsx. The rest of the value in NOP is a complete guess but with cash and a sale there maybe another £60 million plus. So Westhouse and others have made a reasonable assumption in their target even a little conservative. But with possibly one of the worst management teams around we are a sitting duck imo.

price sensitive information except when 'Much of this work needs to remain commercially confidential to ensure that the best opportunities are realised.' Struth!

to The Shareholder . O really. which one? Looks like another way of saying we can spin this out for another three years of easy salaries. Not one achievement in ten years. A DISGRACE! ATI takeover £11 million down the plughole. Markwell of which much was made about its value, we dont know the cost of failure here. Zadeuyus of which much has been trumpeted about its value is worth nothing if they dont have at least one successfull drill. Holland we are about to find out shortly if anyone interested in the downgraded asset. Italy!!!! Have they been enjoying nice holidays over there? Not one but two lapsed farmouts. The director of operations (what operations ?) is leaving. Hooray. Come on, to which bloody shareholder is progress becoming apparent? "To summarise, over the last year, the Company has been actively working to its strategy in order to be in a good position for future growth. Much of this work needs to remain commercially confidential to ensure that the best opportunities are realised. Some of the results of this work are now becoming evident to the Shareholder, however there are more interesting and significant opportunities that continue to be progressed.

all too familiar agm mantra from these overpaid numpties: could, would, should. Market wants to hear : can, have, did!

with wessex directors last month. Open frank information. How refreshing from Musgroves approach of telling only what he can get away with. Zadeus is worth zilch on its own. It was the big institutions in wsx who wanted to hold out for drill results. Nothing explained about Dekker's departure, but I guess he wanted to take the offer which was 'gutsy'. The good new is that with the license expiring in 2016 it is likely they will keep grilling till they find what they know to be down there http://www.smallcapnews.co.uk/2013/05/interview-with-malcolm-butler-and-andy-yeo-of-wessex-exploration/ BW