Member Info for Peakview

Great update Sailor, doing the company's job for them yet again!

dunder - Glad you liked the quote from the local Bard - and here's another one - "Yon Cassius has a lean and hungry look..." replacing Cassius with your favourite predator of choice. Looks like even the faithful old guard would welcome his arrival, knife behind toga and all.

wolster - you are echoing what I said several days ago when this slide began - that without any apparent reasons for it we must assume that something unknown is going on. No hint of anything untoward at the PIs meeting, with lots of positivity from BOD, Management and Investors - and we have dropped like a stone ever since whilst the rest of the sector goes roaring ahead!! Give me strength!

mcsquare - you are right, but I am afraid that this company does not do PR. We arrived at the seismic stage of first gas with a great story to be told at the time - but not a dicky bird in the national press or broadcasting media. I have been a critic of this ongoing failing for a long time now - but with no response or regard for its importance.

Singapore - wholly agree with your last two paragraphs as the normal explanations for a share slide in this energy market just do not apply here. Other small caps in the O & G sector are generally flying for obvious reasons - but the usual laws of gravity just do not relate to IOG.

man - I think that you can include a number of the day traders and herd as persistent sellers now. They steamed in at first gas expecting a nice lift - as we all did - and have become puzzled and disillusioned - as we are - and cannot be bothered to look at the long term prospects, so they sell and move on. As for the IIs, why did they not sell at the post first gas rise - probably they were thinking the same way? Meanwhile, most small energy caps, whether funded or not, are flying at present - with one obvious exception!

GGiS - as we appear to be at another sort of crossroads in the IOG story - with yet another downrating of SP after a fairly benign RNS with updates on all key issues - just wondering what your take might be on a situation that is encouraging all sorts of explanations - none of them convincing in my estimation. Those demanding more regular information from the BOD will take one look at a nose-diving sp and wonder what they were wishing for? It certainly looks a mess, and with your long-term understanding and commitment to the company, your views and forecasts would certainly be appreciated.

man - it usually does, whatever the tone of the latest RNS, and this one confirms all the forecasts of gas flow, revenue streams and future drilling targets. Gator's points seem more relevant to me than ever.

Wolster - think we are still clutching at Straws, as I cannot see the LOG admin, given their long term patient tactics, agreeing to sell at current price - and if so, it would imply even more manipulation afoot. Dunder reckons its not a mystery, then claims to be "shaking his head in disbelief " at the current sp! More confusion I guess, and whilst we have no definitive answers, I tend to agree with gator's well founded suspicions.

It might be something of a hobby horse with gator, but when the whole picture is considered, you have to agree that our position with the current sp is more than strange. As said, just about all our ducks are in a row, and when we remind ourselves that in early summer 2018 we were unfunded, prior to full estimation of large gas resources, no immediate prospect of income flow and yet stood at 34/35p - you have to say that something is rotten in the State of Denmark? Back then the LOG holding was talked up as a good sign of institutional backing - now it is an overhang! In my view the targets for future levels of sp posted on this board should be in place right now given the progress made on Phase 1 and the current gas market scenario - all IMHO.

I did report from the PI evening session that a shrewd judge opined that a bid of 55p would be successful with the LOG admin team - but that "this lot won't be doing it". An outside raider with the required size of saddlebags was the implication, and one with the ultimate ambition of launching a bid. That idea makes some sense to me, although identifying the predator and his timing is another question. But meanwhile, the volumes and selling numbers give no justification for the mark downs we are currently experiencing.

Sums it up mole, completely crackers and defies any sort of logic. I am beginning to hope that something seismic of the sort that you describe does happen - so that we can clear the decks and move on.

Think that is about right pipe plus the entire market being down this morning with Bellweather of O & G BP all of 4% correction. Nothing specific here and no tranches large enough to be LOG - will look again after the close.

Gator - its the constant negativity that I object to and to those that never have a single positive point to make about the company and its performance. Since you are looking for experience, no-one would doubt that Malcy certainly has that - so read his blog and take issue with all the plus points that he makes - or just ignore them as you choose. Just to repeat, there is nothing that this BOD can do about the LOG overhang as it is a fact of life that they cannot influence. So they stay in touch with the administrators and have been satisfied that there is no intention in their agenda to indulge in sudden or mass dispersal of shares. In the event of an independent purchaser bidding for them they will obviously not be cheap, and a figure of 55p was mentioned to me as a starting point. If a takeover bid was subsequently launched, this figure would certainly be massaged upwards - and in pure financial terms to the obvious benefit of existing shareholders.
I set out to report the business of the PI meeting in some detail for the digestion of the contributors of this board - especially those who could not be there, so slightly taken aback by the adverse reaction.

are awaited. Also the important issue of the assured stability of the seabed at Southwark has been effectively solved with the HND rig now in place and drilling underway. A short connecting pipe to the main Southern Banks pipe will be laid, and a confident forecast of gas to flow in Q4 was given - this to supplement a jointly controlled flow with Blythe and Elgood at the beginning of another strong winter market.
We will doubtless be reliaby informed of progress by the invaluable input of Sailor!
My general impression of the entire session was that it was positive and useful for those that attended and a good opportunity to assess and consider the competence of the management team.
Being surprised by today's retrace in sp for no apparent reason - I moved for a modest top up at current rates as a show of support.
As a footnote, I do regard the continuous and ubsubstantiated wildcat negativity posted by some on this board to be futile and unhelpful. Mistakes have undoubtedly been made, but it doe3s help to understand that the exploration, extraction and marketing of offshore natural gas is no straightforward exercise in anyone's book. With a favourable alignment of positive factors going for us right now, I for one am prepared to cut this management team some slack as we move into a new phase in the IOG story. GLA

....cont...was photo id and assurance of a recent covid test before signing in.
All the key personnel were present and mixed freely with attendees to chat and exchange views before the on screen presentation - answering specific queries relating to their own areas of expertise.
Malcy introduced the evening with a promise that "platitudes" were off the agenda, encouraging factual input and hard debate on all issues.
AH began the presentation with a view that the "hard yards" were now behind us, with pointed reference to the funding issues being solved by the farm out to CalE and the £100m Bond facility - plus other bumps in the road.
As a non-tech I found the London Tube style map of the wells in the IOG portfolio together with the connecting and interlocking pipelines to feed the main Saturn Banks pipe to be of special interest. Add to this the substatntial estimates of gas resources and the forecasted timelines for drilling and extraction in the progression up to 2024.
As an aside, the drilling and completion to first gas for Elgood and Blythe within a 2 year span is a marked improvement on the industry standard of 3 year duration for similar operations.
Important reference was made here to the change in 2 short months of government policy on gas and oil exploration activity - with a new round of licences due to be awarded later this year - brought about by the onset of the energy crisis and the war in Ukraine.
Overall, AH stressed the future policy would be one of "controlled and planned development" - with income from gas flow directed mainly towards the advancement of the mid and long term project. Accordingly, my own question for a forecast target for "first divi" was met with a very straight bat by the finance director!
Another small milestone was passed was passed yesterday with the very first payment to the company for gas delivered (presumably from BP) and this point raised the question of hedging on future gas prices. As a principle, this was not intended as a future route owing to the extreme volatility of prices. The original costing estimates were based on a median price of 45p per Therm - and most agreed that taking advantage of current and forecasted rates was the preferred option.
As mentioned before, the LOG share overhang factor was extensively discussed. Frustrating as it may be, the company can provide no solution or directly influence the administrators. They reported that friendly relations are well established and remain confident that disposal, when implemented, will be a carefully phased operation.
The point was then made to me personally that a predator with the required ante could make an acceptable bid for the LOG shares, and if successful, be close to a position of making a bid. Not so fanciful perhaps, so suggest we should keep a weather eye on that space.
Ref. current concerns, the temporary repair to the flow head at Blythe is effective and will serve as adequate cover whilst permanent replacement parts

I personally had no problem with registration online well in advance of the meeting, and all that was required at the desk

Actually it was suggested by a well known blogger that the likes of AA could swoop for 27% at a suggested figure of 55p and not be far short of the takeover bid level required.

For a company with a rather sketchy record on PR, they did not do too bad a job at last night's meeting. I would recommend to all on this board to make a thorough appraisal of the newly released website presentation, as a knowledge of all the elements in the forward planning and the timelines forecasted on the wells in the IOG portfolio is essential to those invested here.
As for the LOG hangover question, it was discussed and remains a frustration and a peculiar situation - but something that the BOD cannot influence. They are in regular touch with the administrators and are comfortable that the control of share release, when it arrives, will be measured and sensible - which might not have been the case had an institutional investor
been involved.
Will return with further details of the meeting.

Will post a full report on the Investors Meeting, questions asked and answered etc. later today.