Member Info for phoenixdude

Ps The last annual report had 43 pages of front end - ie discussion about what the company has achieved and its goals in life. Ably abetted by Vigo, this is a smokescreen to hide under-performance. A few pages would suffice if the company was delivering on its promises as all investors need to know is the financials and any timelines for the future - they already know all about the rest of the business. It is filler that tries to paper over the cracks.

Revenue swap? Seems more like asset stripping to pay management. 500k US = £370k = WH's annual salary plus extras. But don't fret, Will, you can pocket your additional bonus for raising the money from what remains in the coffers. Job very well done indeed! Nothing we can do about it - with inaction from the Chairman we have to rely on the moral compass of the CEO and that looks a bit out of kilter.

Today our market cap is less than the amount raised in the original IPO. This is a disgraceful milestone that is a direct result of every CEO since the founders creating relentless destruction of shareholder value. Unfortunately, this trend continues and there is no clarity whether things will improve. HM, SO and our current CEO all appeared to lack one key attribute - an entrepreneurial approach that has shareholder value as its core objective. BK certainly has the entrepreneurial mindset and like all LTH's is seriously in the hole on his investment, so it probably is our only chance to grab the stick and pull ourselves out of the quicksand. we can but hope.

£2.8mm would be very handy for paying salaries ans bonuses over the next 2 years, that's for sure, but it would do nothing for the beleaguered shareholders .

There is nothing lth's can do with this share apart from complain or sell and take a huge loss. Complaining unfortunately does little more than cement the common bonding between long suffering shareholders. The statistics are frankly unbelievable - in particular SO and WH have personally raided the company's cash reserve to the tune of likely well over £2 million. They gave away £2.3 million to Paul Haywood rather than investing in the exploration of the licence. They have spent hundreds of thousands on consultants (their ex-Enterprise chums) and failed to farm out their two flagship projects. That's probably about £6 million down the pan with nothing to show. Serenity is what it is - despite being a poor technical decision, at least it generated activity. Cloughton is a red herring - it is way too small to be a white elephant. They have used the Wressle revenue to shore up their lifestyles and are presiding over a cash-hemorrhaging business that cannot fund any further development. The new Chairman should simply fire WH, set everyone else on 50% salary and hire a CEO that is going to work for the shareholders. But it is not going to happen. The non-execs have ridden roughshod over corporate governance for failing to rein in the excessive running costs and rewarding poor performance and plus ca change.

I guess it doesn't like the 'less than' character. ..... less than 5bopd) and whether it can be improved by fracking. It is potentially a very expensive white elephant and the focus should be on getting EG away, nothing else please

End of that dropped off: (equivalent to

Strikes me that Cloughton is a re-run of Holmwood from a local objection point of view - ie doomed to not get PP. It will make this project very costly to firstly get permission for and secondly to police the operation. Recall Balcombe where the drilling coost £4mm, £3mm of which was site security. This is before you even start to look at whether a reservoir that farted 0.028 mmscfpd (equivalent to

Vernet, you should change your nickname to 'everything in the garden is rosy', because regardless of the situation, that is your position. Absolutely everybody here wants to avoid losing all their money - they would like to make some money, but the situation is that the company is imploding under inflated overheads and inertia. The management do not seem to be capable of ensuring that shareholders don't lose their shirts. If you think critical comments on this board affect the share price then you are sadly mistaken - what affects the share price is action by the management and delivering on promises, of which there is precious little evidence. Happy to be disproven, but as ever, the past is the key to the future. The other important thing is to flag this early, not when it is too late to save.

Full results will be out before the AGM and we will then be getting perilously close tot the EG licence expiring without a drilling commitment. The management appear to be sleepwalking into oblivion unless they can overturn a decade of poor delivery by bringing in a farminee. EG opening up new licence areas is extremely unhelpful as most companies would want to look at hat can be acquired on a ground floor deal before committing to a farmin promote. The new Chairman needs to get a grip on overheads right now, not when it is too late.

Gardener, I agree. If the company had matured from the dataroom stage to discussing potential terms, either Ireland or EG, then the CEO could not buy shares. This suggests there is no deal in the pipeline for some time. Business as usual, I fear

There is no sanction available to shareholders save voting against re-election at the AGM. They should take a 50% cut and a 200% uplift on farmout. This is the Remuneration Committee's job. There should be a request from shareholders to see the annual Board independent performance review. Anybody know if we are entitled to see it?

Vernet, did this come from your management sources: 'Will has Q1 to deliver or we merge, sell up in whole or part' or did you just make it up?

The company is being run for the benefit of the management and it has been for at least 10 years. If one or two of the directors get picked off by shareholders once a year at AGM's, those that remain gather around the wagons and double down. Nothing is learnt, salaries still remain inflated. WH's job is only very part-time, as evidenced by one RNS in a month about change of address. What can he and his team be doing all day? I run a junior resource company on AIM with a salary one third of WH's and a market cap of £20mm. That is much more in line with the market and demonstrates I am working for shareholders. EOG board, supported by the remcom, really do not care about shareholder value for money. They are self--serving leeches.

Sorry, I just read it back. Commercial sense for the farminee, that is...

Gardener, I think you have hit the nail on the head. And I agree with vernet that farming out the two licences for a skinny promote doesn't make commercial sense when the company is so cheap. Remember, though, that the company put a condition in the EG NDA so that the potential candidates couldn't make an offer for the company, thus preserving WH et al's cosy cash machine. We are all being taken for chumps here. WH was also taken for a chump by gifting Mr Antler the cash rather than it be spent usefully on the project. Zero entrepreneurial mindset. Bo has that, but he is now sitting in the caboose on the EOG gravy train. And Vernet, the Board have such an elevated and undeserved feeling of self -gratification and no doubt are doing whatever it takes to thwart a takeover and give shareholders some value for a change, Sooo depressing - verging on criminal imho

Agreed, there is a plethora of opinions as to why Ireland needs more gas, but precious little is coming from the company. The last positive ~RNS was in July with an extra 700bcf of exploration in EG. Whoopee! The only things that will move the dial are farmouts on the two key projects with firm drill commitments. The track record of the company over the last 10 years in failing to farm projects out suggests it will not happen any time soon. WH has no real incentive to move this along whilst he pulls down £350k a year of our shareholder funds. I feel another seismic processing iteration coming on EG.

Priceless investment advice, Vernet. There are some holders sitting on large chunks of shares that would hammer the price if they sold out, doing no-one any favours. Your view is that if the company owners, who are effectively funding the highly paid team and unhappy (to put it mildly) with their performance, should themselves quit. Seems a little a**e about face, if you ask me.

The last batch of posts here have strayed into slightly surreal territory for a board that should really be concentrating on shareholders' interests. Maybe that's it, though, we have given up on holding the board accountable for lack of delivery and are content to blame the Irish electorate for our management's abject failure to create any value for shareholders in almost 10 years* of trying to farm out the Irish assets.

* apologies if it is longer, I don't have the strength to go back through so many years of RNS'

Evening all. what are we expecting this coming week? More second guessing as to whether Ireland will allow drilling again? More speculation about who may or may not farm in to EG? Some further hints of a fundraise? what we need is direction, leadership, vision and delivery from the CEO. It's really not happening for us.