Member Info for phoenixdude

Indeed no nasty surprises, but then no pleasant ones. Going concern statement brings a .5p placing closer in order to keep paying the wage bills.

Guesstimate: 1.5p on announcement, 2.5p on spud, 5p on discovery, 1p on dry hole. Remember there are profit takers waiting in the wings at several levels above 1p.

It's not really disinformation., it's a warning to management as well as all of us. 43% is a de facto minority stake, ok it is above 25% which gives us some comfort and there may be a shareholder agreement that hopefully is watertight, but Messrs Haywood and Irons own the majority of the company. If there is a dispute between EOG and Haywood on direction of the venture, Irons will have the casting vote. The last accounts were filed over a year ago as a micro-company with net assets of £1,000. This year's accounts are now overdue even following a 6 month extension. I really don't like it. Nothing in the confirmation statements talks about the EOG shareholding being controlling. Private uk companies don't even have to be audited and two individuals control a large chunk of shareholder future value on trust. Just saying...

Ps. I only just realised that, fully diluted, EOG's interest in EG is only 28% and when/if they farmdown, it will be probably closer to 10%. And that is only an indirect interest, held through a minority stake in a private company, as they are not on the licence. That is alarm bell territory for the lawyers in terms of title.

I suspect the annual results will be out this week. They will make interesting reading. The last interims showed the business to be loss-making and an equivalent 12 month burn rate of £1.8mm on G&A. Presumably this year will see a write-down of Calamity. Cash, I suspect, is hovering around £3mm as they do not appear to have spent anything on the projects this year - no drilling, no seismic, just a holding pattern waiting on farminees. We continue to fund the lifestyle of management while they inexorably drift to retirement on the riviera - the sun, sea and self-satisfaction formula of knowing that shareholders paid for it all.

Looks like people bailing out at 1p. That is very depressing.

Nice to see the price firm up on news that someone nearby has been able to farm out. Imagine the response if EOG actually farm anything out of their own - remember however they did farm out wressle previously - not such a great move in hindsight.

It is dead in the water. No way this will fly once the word fracking has been used. Move on.

Oh lawdy! I don't have another decade to wait. And to be honest, why should we?

If you look back through the announcements, the last substantive one (ignoring the increase in prospective resources in EG, which didn't move the dial), was an extension to FEL19 /4 a full 7 months ago. Everything else since has been window dressing to show somebody is still doing at least the bare minimum in order to collect their inflated salaries. We have been taken for a ride for way too long. We are being led to believe they will farm out EG and Ireland. The management have zero track record in achieving these outcomes (oh, except farming down their best asset, Wressle!). Nobody will launch a takeover unless all they want is the aim listing and some long term cashflow. Upside in company value cannot be realised with this team, including the Alefledts supporting from the sidelines.

The last thing we need is for WH to drop more money on Serenity aka Calamity. Got to get this dataroom open for EG (heavens above, how long does it take to put some slides together to support the story??) and move ahead there. WH needs to get cracking on this if he wants his chums on the remuneration committee to include it in his 2024 bonus calculations.

Darwen, did you expect a 3 bagger on day 1? Need to drill the holes in the ground and work out how much tin they have before that is likely to happen. I predict steady interest but not a huge spike at the outset

Who was on the podcast, out of interest?

Oldblue sounds like an AI bot on LSD

Because technically it is a marketing announcement on REACH, not an RNS

Not sure it is a discussion on 'share allocation', the announcement says it is an investor presentation so could be a good way to get the story firsthand.

No rush, bubbles!

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The EG ownership structure is far from ideal - Europa owns a minority stake in a private company that cannot block ordinary resolutions. Therefore the EG asset is only a beneficial ownership. The irony of minority shareholder rights should not be lost on WH. The farminee will come into the licence and Europa would then be a minority shareholder in a minority licence holder. Where is Europa's monetisation route??

Vernet, using the theory that no news is good news, Europa shares should be 50p!