Member Info for Proquo

JV has kept the share count very stable and very low with most shares very tightly held by long-termers. How long have you held your 3% for? You seem slightly underpowered in your knowledge of the company's history for a long-term holder of over a million shares.

When was the dilution? There was a very minor raise a few years ago, but I must've missed any other significant dilution.

Buck tends to RNS the start of drilling, testing etc so we could hear a few bits next week.

Concur Thorn. In my view the assets will out. It may take some time still but I feel the majority of the main obstacles are behind us and the rest are being dealt with, albeit slowly. My question now is 'are we worth more than our £14mill Mcap?'. The answer to that has to be yes, so I'll continue to accumulate. Am I happy with everything Buck has done? No, absolutely not and I've made my feelings clear to the company. But Buck has stuck at it, invested a lot of his own money and taken a 70% pay haircut to help the company progress. Mongolia is clearly a difficult place to do business but Buck has played his part in improving the regulatory and bureaucratic environment in order to streamline things for companies like ours. Make Heron pay, farmout with a good deal for us, rinse and repeat at a much greater pace at Block 7, and throw any profit at the booming renewables sector, which could turn out to be the jewel in the crown. I'm happy to wait for this to play out as my invested money here is profit from elsewhere.

I find it easier just to block them off tbh Tenbag. I've got plenty of gripes about the company and I've had to average down a lot to stay interested, from 3.3p to 1.1p, but I'm still excited by where this company can go from here. No amount of interaction with assorted neg sociopaths, friendless saddoes, familyless losers and schadenfreude-addicted nobodies with limited intellectual faculties will change anything or tempt me to sell my holding. Hence I block them off. It's simple really. Once they're in the compost bin there's no coming back for them. They literally cease to exist. Instantly.

I tend to put my complaints to the company directly - I gave them both barrels over the low-ball raise and the more polite part of my tirade was then read out by Buck as a question at the presentation - he then answered it by restating his 70% pay cut! I note that he hasn't been too quick to announce a make-up scheme for his salary as I assume he is wary of attracting more shareholder ire by seemingly too quick off the blocks with it. I get frustration, we all are I guess, but direct anger at those responsible. Buck is feeling the heat, I'm sure, so keep him on his toes. And that Jerry fella who didn't bother turning up to the presentation but called in his homework from London. That bloody well irked me and I let the company know how I felt. Their reply didn't help things tbh but I won't stoke the fires a shareholder fury by sharing it. Hahaha

As an investor rather than a trader, I tend to focus on the Mcap to judge value. Is this company worth more than £14 million? Personally I think it is currently worth many multiples of that even now, hence I am accumulating. Should get my average shade below a penny in the next week.

I agree about the 821bopd headline figure all those years ago. I seem to remember they also doubled down on this figure since then. It has to be asked if this was deliberately misleading or just reflects that the Heron field is a tricky one to get a tune out of. It's worth noting that an oft-stated reason for looking for a partner was to find an outfit who could bring real experience in field development. I have always taken this as a tacit admission that the company has struggled with the vagaries of this field and I believe they were genuinely stumped as to why H2 didn't flow like H1 despite them tapping into the same rock formation. Nobody can argue that mistakes have been made but that goes with the territory in my view.

However, the difficulties, missteps and obstacles that have blighted the company's progress over the years now stands us in good stead for developing the new Block - in my view Buck is looking to create a rinse and repeat model of development in both the oil and renewables parts of the business; it's just that the prototype, Heron, has proved so tortuous and obstacle-strewn that potential investors, or even longer-term holders, have just given up on it. Nobody can blame them.

Are we at the tipping point now, where progress can start outpacing the negatives and obstacles? Well, I'm still accumulating...

I get your frustration Master; nobody expected the SP to be down here AFTER we actually started producing oil having been at much higher levels for years with no production at all. It makes no sense. However, I don't see what you're trying to achieve by ranting endlessly about the CEO on a bulletin board. There's nothing anyone here can do about it. Surely you should be writing to the Board expressing your dissatisfaction, or creating a petition to get Buck out. If all you want is to vent your frustration to strangers then that seems to me to be a waste of everyone's time. With respect.

Then don't give them any attention. Block them off and forget them. Discipline. Works wonders.

2p and I'll have nearly doubled my money. I'll take that! But I expect it to go way beyond that in the years to come. I'm still accumulating.

Yes, 300 bopd by November would be corking. Then announce the partnering before Xmas, use the winter months to get everything ready to sink some wells pronto. Then Sunsteppe starts marketing it's first ready to build project for sale. Lovely.

Thanks Abzzba. It's all starting to come together nicely it seems. Tbh the very long-term bashers ceased to exist a long, long time ago for me. I pick off the newer ones when they pop their little heads up. It's like a stock-basher Whack-a-Mole!

Once green-boxed, there's no way out. Ever! Hahaha

Anyway, best of luck to all honest investors.

Presumably our 'new' beam pump at H2 will connect directly to the electrical grid pretty soon after H1 comes live. Every penny counts! Btw the conundrum around emphasising that H2 pumping will commence by the end of this month even though the beam pump is currently being refurbished is easily resolved - they are continuing to pump with the original method whilst awaiting the beam-pump installation. Probably a couple of blokes and a large stirrup pump.. hahaha

Well, I wish everyone a peaceful Michaelmas.

Thanks Abzzba. Some interesting reading there.

Thanks ftsemajor. Nice to hear that the plans remain as they were.

Like I said, we're certainly heading into a news-rich period. All to play for here. Plenty of upside to comeat Matd, as Malcy averred recently.

I've thought for some time that renewables side could become the major part of the company's business.

It's impossible to state that Buck has 'mismanaged' the company as there is literally nothing to compare his work to. Everything we do is breaking new ground and he remains the only CEO of the company to bring oil out of the ground, and to generate any income at all. The obstacles have been enormous, including Covid, and the company has created its own space where none existed before. Moreover, what's the point of constantly call8ng for the CEO to go on bulletin board. Stop whining and start putting things in place to get the change you wish for. Bleating about Buck on here makes no difference. Act on your words. Nobody here can do it for you.

I disagree totally Master.

I concur, Investor. The renewables side for me is as exciting as the oilfield development, if not more so in fact.