Member Info for Rickylfc5

AJB - we all know the missed dates. Why is it relevant - we cant affect the dates ourselves - have you called Andrea?

AJB - again and again you post the same things about dates missed - what relevance is it for us PI's - we know they have missed dates - call Andrea if you want more info

Does anybody have a clear picture of how many rigs have been bought / rented (either delivered or expected)???

Lets face it - the MM's were always going to price the SP at just below 4p (to sell) as there are 54 million extra shares out there that they don't want dumped for a quick profit

Some comfort that the new Rig for Z21 includes the suppliers staff (for a month i think) which will give us a greater chance of a positive result

Looking back - Zenith / AC decided to buy their own rig rather than rent (in order to be more financially prudent) - I, and many others thought this to be a decent approach (saving money etc) but, in the end this has caused the problems as they should have rented a Rig that was beefy enough to do the job - MP persisted with our Rig until finally giving up and we are now behind schedule (and have spent more than we should) - a well intentioned strategy that back fired. I still believe the current approach will work out and the SP will recover by the end of the year.

Trouble is AJ you are not on the boards backs - AC won’t respond to you as you were too rude in your approach and you never turn up to any of the presentations to make you’re point. You just repeat it in here to us (and we all know the issues that the Co have)

Pi's drifting away continues and the share price also drifting down - it needs a catalyst (or 2) to reverse the general malaise here. Maybe the Q2 reports will make the difference (a rise in Gold certainly would but that's beyond our control) I think a Company buy back may help reverse the trend - something needs doing!!

I'm not selling yet as there is an opportunity for a higher HUM share price if the management do the right things. Looking at the share holding make up - institutions hold 70% and PI's 30% and I guess its the PI's capitulating that is keeping the lid on any rise. So the holders of approx 100 million share are causing the problem - on this basis the amount of share that the Company need to buy to stimulate the SP is not that great - maybe 10 million (over a period of time) would be enough which is about £3m or just a few weeks of FCF - get it done

I can just see the outcome - they decided decide to spend a large chunk of the FCF on an acquisition that will take another 2 / 3 / 4 year’s or more to come to fruition (the bigger picture) and HUM share price will never achieve its potential - In my view - share buy backs to mop up any overhang - continue to spend on extending mine life - issue further shares in the future (if and when an opportunity comes around) at a higher price to fund an acquisition The management are very wealthy and don’t see further wealth as an immediate target- they want to control a large empire (some day / maybe) in the future

I am not interested in HUM if it’s an endless jam tomorrow play (ie we are expanding expanding) - and when tomorrow comes it will jam again the next day. This currently is tomorrow for all the time they have spent on the project so it’s time we were rewarded - what’s the point of all the comments re the fantastic cash flow (and the very low cash flow to SP ratio) if it has little affect on the share price. So it’s time for the Company to buy and mop up the overhang and let the positive momentum grow the price - they can hold the shares in treasury and sell them later if that is beneficial

Let’s hope they have deleted AJB’s - they only need to keep the last couple as he says the same every time anyway 😁😁

Well Otho - we all have differing views. Don’t forget Dan’s views that we are very cheap - 2 x cash flow compared to industry average of between 5 and 15 so (maybe the market doesn’t believe the story) and a great show of confidence would be buy the effing shares😃

Otho - if I had $40 million in the bank I would buy some (I’m fully loaded atm) so what project can they invest in that will match buying Hum shares at 30p and enjoying a quick ride north from there - they can keep the shares in treasury and drip them back into the market over time Stop dreaming of the ‘big picture’ which is just a few words at the moment (I haven’t seen any in depth analysis of the growth prospects you refer to - have you)

SP continues to disappoint and its time the Company recognized that loyal shareholders need some encouragement to hold - approval for buy backs should be rubber stamped at the AGM. My guess is that they will have in excess of $40million in the bank at the end of June (therefor net debt is greatly reduced) - buying just 5% of the Company will cost less than £5million - they should start the buy back ASAP (they may not get a better chance)

Lets hope that the Rig provider actually quoted something like 60 days to deliver and start the work overs and AC decided to add an extra chunk of time so that expectations could be exceeded.!!

Disappointing period for Zen at the moment (I've always said that they could and should have done better) - I still think they will get these work overs producing decent quantities of oil (much later than planned) they have enough cash to see the work through therefore I don't expect any dilution for ongoing operations. As far as the acquisition is concerned, either AC will construct a clever deal or it will be off the table as dilution at the current price would be huge. I don't see the Indo authorities ripping Zen off as Indonesia is currently a place for oil field expansion (the major oil companies are present) and Zen's interests would be relatively small. (we are not sure who the seller is but it could well be a larger Explorer that considers the field too small) - just a few thoughts

Does anybody on here (or any other B.B.) continue buying shares in a Company where they can’t see an investment case and continually pick to pieces (although the criticism do tend to be the same ones repeated over and over again)?

It’s not a great investment Ajb - time for you to sell

I don't have your email contact - any chance of a summary of your call on here??