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@Gerry - and that’s the point saying you would abstain is not providing support. No sensible investor wants a company wasting time on civil wars. If you want change you need to assemble a clear majority and mount a clinical coup, so we can all get back to business. Paul or Will are all the same to me on the data available - but I am not interested in 5 or 10 or even 50% voting for change as it won’t deliver a clean outcome. So without wanting to be rude to anyone imv it’s a case of do it or drop it, because dragging out the conflict is not good for anyone invested here.
@Gerry. I think RBD rejected the first attempt in Oct 2022 because of paperwork technicalities, so don’t think EOG approach was exceptional. But rejection was a sure way of “firing up the base” to use American speak - a smart move imo and alls fair in love, war and company takeovers! The key issue is that without the support of the likes of WA, it probably wasn’t going anywhere, which is presumably why it’s not now a live issue. Hopefully though the whole episode will have shaken any complacency out of the Board and they will now get on with delivering what looks like a high potential portfolio.
Don’t think 13 RNSs in 3 months is too bad. Plenty clearly going on but would like to see some milestones on projects being hit. Looking forward to short term news on other prospects on EQ licence, update on Inishkea reprocessing results/farm out and movement on Wressle. Encouraging looking back to see the recent significant buying from our bigger shareholders - at least they seem confident enough with their hard cash that things are going in the right way.
@Aimshame. Took your figures earlier as given, but see now that WH bought shares on appointment a year ago at 1.24p - so not sure where your 2p figure comes from. So more flatline than decline, which is a less negative picture.
Fair and well researched point. But that’s why I’m interested in changes over recent months (trading patterns, portfolio, political sentiment) that may indicate a shift in trend - AIM is volatile and timing important. I am open to the possibility that WH may have some success this year, because if not I would sell out rather than watch my investment reduce further if it continued with your y-axis! But each to their own and good luck with your investment strategy.
Interesting trading today - piecemeal sell off followed by later strong buying until buys outweighed sells at close. No sign of the concerted large sells of Jan/Feb and some obviously keen to pick up chunks at this level. Tide turning?
We seem very good at adding value to others by farming in, so before we go off and farmin elsewhere I would like to see us add tangible value to one of our current projects by getting someone else to bring in their money!
Yes that’s what I’ve read - but only here. That’s my point - nothing wrong with a 50/50 deal, but SO should have passed because they couldn’t afford to do several of them and so stack the odds in favour of success. As a result 1 failure wrecks the company’s finances. Don’t blame WH for that, 50/50s are decent calls but will fail half the time whoever is in charge!
I think FDs point is key for me - WH now needs to show hunger for success - which is why I want some project dates. He’s improved the presentation, he’s kept Iceland alive and I think he’s improved the portfolio, but now he has to show he has the drive and determination to get some of these projects through value adding points - which is the hard graft required.
One point on Serenity - WH was not the management at the time - - that decision clearly sat with SO. If WH brought a 50/50 option to EOG fair enough - they are the ones who should have said it stretches our finances too much.
People don’t give away producing assets at below value - you end up in an ANGS situation. Merger is one thing (may or may not help), but changing overall strategy is another. Why invest in a high risk/high reward company then say you want them to become a low risk/low return company?
Well there were £23k of buys today which is a definite improvement. Question is - have we yet got rid of our persistent 1p seller setting the level - and is that maybe why the mms moved it up so readily? Sure there must be others who have been waiting to see the back of them before investing more. Profit taking as the SP rises is only to be expected, but that constant hammering of the SP until a week or so ago has been very frustrating..
Good looking portfolio - now we need some dates for progress to deliver against to keep sense of momentum. So let’s have timescales for:
- planning application as opposed to EA permits) for Wressle
- completion of extra work on Ireland and relaunch of farm out process
- completion of more detailed analysis on EG prospects and launch of farm out process
- identification of Cloughton well pad site and an overall project timeline
They must have in-house schedules on all these, so why not share them and then bust a gut delivering against these. Then we’d know we had turned a corner and were getting real about delivery.
Agree absolutely PB2. Main positive I took away was that we have more live projects now than can remember at any time. So using eog maths that should give us at least a 91% chance of one of them coming in this year! Feel that if we do get some significant development then the SP could motor once people start to look seriously at the rest on offer.
@Gerry. Couldn’t say if it’s finished or paused. The pattern of selling has made no sense to me unless they were an II, but as you say I think one of these would have TR1d a long time ago. . Overall though constant large sells seems to have slackened off and will hopefully be fully reversed by more buying from the likes of WA and BK. Wonder who took that 2 million last Friday?