Member Info for SelfishMcNimby

Christoff, I believe Pershing Nominees are much the same as any broker holding shares for their clients. They aren't directly acting for themselves, but on behalf of their clients, who in effect have formed a syndicate to replace the current board. No doubt they will release their position shortly so we can see who they are in the flesh.

Prick moniman.

I see moniman the ORPH troll has returned. Another non-shareholder adding nothing but personal bile to a serious debate.

That was painful to watch, Jim. I don't like seeing these people who I've had so much faith in in the past, suffering. They didn't fight their corner with much positivity in my view, and this £4m pay-out looked rather ill thought out.
They said early on that they'd come back to address the share price, but when they did it was that they thought it would just sort itself out.

Novykluk, I think you have deliberately missed the point. A lot of investors paid 0.9p 3 years ago, and the price hasn't been back to that level since. It doesn't matter when investors were looking to sell since then, they would have made a loss. And why do you have to be 'desperate' if you want to sell? You are ridiculing private investors.
The fact is that unless things change dramatically, it seems the share price will never get back to 0.9p, however long you hold.
This economic vacuum you refer to should have been an opportunity to pick up cheap assets, not sit on your hands. It wasn't long ago 10% of Wressle could probably have been bought for £2m. Look what it's worth now.
By the way, I haven't referred to 'destroyed their value'. They clearly haven't. But look at the share price since S&S took over 5 years ago.

Indeed Jimmy. We need the facts.

Novykluk, will Reabold have to fundraise before drilling the next well at West Newton as has been suggested, or are funds fully in place, as the company have stated?

Novykluk, I have to take issue with this statement:
'They have in fact increased the value of the portfolio.'
Who cares about that, other than a CEO to add to his CV? It's like saying, 'I increased the market cap from £2m to £100m'. It means nothing to shareholders. It's all about the share price. Not the value of the assets or the market cap, unless the share price rises in the process.

You're getting the 2 muddled up, Tony. The final plan needs to be in place, not any additional well, before the gas infrastructure can be installed.

This from the current boards statement:
Allegation
"The current board having failed to capitalise on the downtrend in oil prices to acquire producing assets to secure the future of the business."
Response
Buying and operating producing assets is not part of the Company's strategy nor business model which has been continuously articulated to and supported by Shareholders. The Board does not know if acquiring producing assets would be part of the strategy of the Requisitioning Shareholders as they have not set out a strategy.

To be fair, the 'allegation' didn't mention 'operating', so that should be removed from the response. The response does correctly state that the original company strategy was not to acquire producing assets, but that is what the Californian assets have been all about - production. The original strategy was to buy into private companies which had assets that had been successfully drilled, to then prove them up and sell them on. 3 suitable companies (outside California) were chosen, - Danube, Corallian and Rathlin. Danube looks dead (cost £5m?), Corallian was recently sold with a £5m profit?, and Rathlin is ongoing (cost so far £20m?). Doesn't seem much over 5 years. Perhaps more production would have been a good idea. Just think how useful it would be if we had 30% of Wressle.

Bridgedogg, I believe before they can install the necessary infrastructure they have to have a plan in place to develop the other pay zones, which could mean drilling from another location, so the right plan has to be in place first. However, I think they are still thinking it will be completed by the end of the winter.

Let's see what Cathal Friel comes up with. Their website must be worth keeping an eye on for their plan of action, and a video interview would be good.

And this special dividend is surely a joke. We want the share price to go up by far more than 0.04p, and it needs to be invested in West Newton to get that producing asap. A lot of revenue can come from a test well.

Well the statement from the current board certainly didn't convince me to vote in favour of them! Rathlin are running West Newton, not S&S. Nothing will change as far as Rathlin are concerned, it's just that our share of West Newton (direct and shares in Rathlin) will be in the hands of someone that I personally believe will do a better job of getting things done.

deemule, it seems to me that the key ingredient missing is production. With the Europa share price on it's knees (market cap a ludicrous £11m), and holding 30% of Wressle which is currently producing over 700 bopd with lots more to come (plus a few million cash), maybe a merger/takeover could be on. Both companies could do with a shake-up and slim-down to get some shareholder value!

For balance, I asked Cathal Friel if he would be releasing a statement, and if all existing shareholders would benefit from the proposed board replacement. He replied,
'Yes, we will be issuing a statement detailing our plan of action and I think our plans will be absolutely beneficial to all shareholders of Reabold.'

NOVECKINGOOD

'What’s relevant and which needs to be addressed is whether it’s true or not ?!'

Exactly. Let's try to get to the facts, and get some answers from the parties involved. If they refuse to answer, then I think it speaks volumes. So far I haven't got an answer to if the Oza family still hold the shares they previously held.

That's quite an allegation, Ahris, if I understand correctly. Are you saying that Reabold bought the Californian assets (Monroe Swell, Grizzly Island & Brentwood from memory), off Sachin and members of his family? Seriously?

Uggy, I believe a direct email address for Sachin is sachin.oza@reabold.com should you, or anybody else, wish to enquire with the company in future.

Or has anyone sent an email which hasn't been responded to?

For a long while I've had very patchy responses from Camarco and never received a response from the company. Has anyone been able to have direct contact with the CEOs since their jobs have been put at risk?

Novykluk, the company was established many years before Sachin Oza became joint CEO, and there were lots of opportunities throughout the years for A & M Oza to be disclosed as major shareholders.

The latter was by email exchange.