Member Info for Shakeyourmoney

why hasn't this avenue been explored to drill SHANNON? The reason why, is the directors would have to put cash in & they won't part with any more money however 'prospective' or 'attractive' SHANNON looks, so this route to raise cash will not be considered..with the SP under 1p & below the 'nominal value' for cash raising purposes what is IRGS aiming to achieve here? Even after a 10 for 1 consolidation IRGS cannot succeed in his attempts to create 'shareholder value' in his pursuit to address the 'funding shortfall in 2015'..

and should have been addressed years ago..if you read the RNS for the year end Nov 2014 IRGS says he offloaded costs for drilling with farmouts etc etc but fails to acknowledge the damage done to the SP..if you look at how much money KEA has spent on drilling it is very little & if you go back a little further say to the announcement of the MEO deal & the Darwin involvement, things got dragged out for nine months on a wildcat drill as the 3D was reportedly low quality (MEO chairmans report states this) Ok NZ$4.5m was spent on the 3D, my argument is that the cash should have been spent on developing the PUKA field with a horizontal drill, prove up more oil & then slowly strengthen the business..why spend money on useless 3D when the drill bit is more important, also if that $NZ4.5m had been spent on drilling KEA could have gone ahead without MEO..then there's the money spent on 3D for MERCURY, which is offshore & again money foolishly spent when cash is difficult to come by on AIM..much better to have relinquished that licence then he replaced the MD, why not just do without an MD or do it with David Lees..there is the costcutting measures that should have been exercised as Darwin were brought into play but if you read between the lines Darwin monies were used to cover overheads as MEO fronted 80% of the PUKA 3drill..just a mess & there it is..if anyone wants to report the post feel free as these are the facts & people who don't like this & any of my posts it's feel free to press the report button..

& the gang sat round the table with the new strategic review crew,after a long liquid lunch..'we've got a solution' someone cries & everyone stirs into life with renewed vigour & enthusiasm 'we'll do a share consolidation'..doh haha..

Looking cheap again..£500 buys in excess of 60,000 shares today so good time to lower those high averages ready for the dreaded RNS..

Said '10 times your money' if they found oil..well they found oil & look at the state of mess he's left the company in..

It gets worse Rodger Smith..

the last RNS said the broker W.H. Ireland had opened a short..this will be IRGS shorting what's left of KEA with those free shares from last year, squeeze every last penny out of the company & then let it sink into a black hole with all the PI's money..

£500 buys in excess of 50,000 shares again..

Is a wildcat drill & no one is interested, hence the SP above..companies with high overheads & lazy directors are punished severley on AIM & IRGS is no exception 0.5p soon the shorters will dictate until the cash runs out..

WH Ireland have taken a short postion from the RNS info..

Kea's Chairman, Ian Gowrie-Smith, said: "It has been a challenging period for Kea but THE BOARD REMAIN CONFIDENT OF AN EXCITING YEAR AHEAD. The philosophy and strategy of the Company has been to balance our exploration portfolio between cheaper lower risk, lower reward wells and the high risk, high reward plays. Our goal is to try and maximise the return to our shareholders by mitigating risks through farm-ins and farm-outs as well as bringing the best possible talent on board to assess opportunities and to manage our operatIons. The board remain confident of an exciting year ahead haha did he mean EXITING year ahead..the SP was 0.42p on that day 3rd of November 2014, so after consolidation 4.2p = circa 80% drop.. Who has benefited since then..IRGS that's who..

Kea Petroleum plc (AIM: KEA), the oil and gas company focused on New Zealand, announces that it is launching a review of the strategic options open to the Company with the intention of considering all opportunities for MAXIMISING VALUE FOR SHAREHOLDERS. Accordingly, the Company is undertaking a careful evaluation of its business plan, operational assets, development strategy, market valuation of assets and capital structure. This is the quote from 16th February 2015 RNS..since then the share price has dropped circa 30% in a few days, in a few months IRGS has managed to drop the SP 90% & since PUKA3 build up it has dropped 97%..bearing in mind some investors weren't breaking even before PUKA3 and he comes out with ridiculous statements including words like opportunity & value, hahaha IRGS has found his true vocation in life with KEA, he should have been a stand up comedian only the joke has turned sour for his little investor friends.. In situations like this when vast amounts of cash seem to vanish, or get lost into a deep black hole there should be one question to ask & that is who has benefitted from the situation the most, who has gained the most from the mess left behind in the wake of 'opportunity' & 'shareholder value' who always gets paid £18k a month on the strength of the RNS that starts with 'we are pleased to announce' or comments like 'Exciting potential for the new limestone prospect, Shannon' who makes sure that they get to fly 1st class to London every 2 months to swan around Westminster, Covent Garden, Soho etc on the lash with their mates whilst booked in 5 star hotels, who benefits from top notch offices in the most expensive real estate in the world whilst coming out with comments like ' Management team strengthened following the appointment of Ian Brown as Managing Director' Who benefits from all this..IRGS that's who..

Have been his big agenda for sometime now..bearing in mind he is the biggest shareholder..he has benefitted the most here by a country mile, whilst everyone else gets left all the crumbs..

& says he is going to create value for shareholders & lead the company to a better place..question is can he raise the dead..no but he can lower that's for sure..

downward plunge..when will the bottom be found? £500k m/cap is my guess.. no income, no cash left, no real cost cutting measures exercised, no deals on the horizon, no hope with IRGS running the show..

why have these not been reduced properly? The highest paid director is on £220k PA, that's over £18k a month..look where head office is.. https://c2.staticflickr.com/2/1409/4730124849_324980c6fd_b.jpg Are IRGS & the gang for real? He & his merry band of clowns have consistently underperformed & the company is on the brink of collapse & investors are expected to swallow all these costs without recourse? Why haven't they trimmed ALL the costs to the bone after the PUKA3 debacle, that would have been a good time to address these issues. There would have been more cash left over, to at least continue the production on PUKA2 & keep the ship afloat for another 6 months to give them time to sort the problems out & maybe the SP wouldn't be languishing where it is today. Crushingly horrific, expensive & disappointing scenario..sounds familiar & always springs to mind when you mention KEA petroleum or IRGS..

"Whilst Kea was making progress in the Taranaki Basin and continues to have some highly prospective opportunities, the unexpected and fundamental change in the oil price environment has created too many challenges for our business. Consequently, we launched a strategic review last month with the objective of considering all options for maximising shareholder value. We are still early in that process and we will update shareholders in due course." Progress is not taking the company to within a whisker of destruction..what a joke, they found oil but spunked the whole business down the drain whilst IRGS floated his ego round Soho clip joints in the afternoon whilst half cut..

Not pleasant reading, especially the write off costs for Douglas & Wingrove, these were wells from years back? The directors have prepared operating cashflow forecasts and projections which assume a minimum level of expenditure to conform with the requirements of the Group's exploration licences for the 12 months from the date of signing this interim statement, which show a funding shortfall in 2015. The directors are in discussions with potential investors to secure additional funding that would cover the shortfall, but an agreement has not yet been signed. If the Group is unable to secure this funding and cannot find alternative sources of financial support, the Group may cease to be a going concern. In these circumstances adjustments may be required to reflect the position that assets may not be realised at the amounts currently disclosed in the Statement of Financial Position, and additional liabilities may be incurred. The directors have concluded that the combination of these circumstances represents a material uncertainty that may cast significant doubt upon the Group's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the directors have an expectation that the Group will have access to adequate resources to continue in operational existence for the foreseeable future and for these reasons, they continue to adopt the going concern basis in preparing the annual report and Group financial statements...this was at the end of November 2014, they have obviously had no luck on that front which led to today's statement from the big man himself.. 4. Events after the balance sheet date In January 2014 the Company shut in the Puka production station as a result of mechanical problems with Puka-1 and the low oil price. In February 2014 the Company announced a strategic review including the possibility of offers within the context of a "formal sale process" in accordance with Note 2 on Rule 2.6 of the City Code on Takeovers and Mergers. £684,000 cash position end of Nov 2014..overheads for the previous 6 months £881,000..so £150k a month cashburn..3 x £150k = £450k..£684k - £450k = £234k left, so thats enough for March & April then if no one shows interest KEA will have to fold..expect the SP to plummet over the coming weeks 0.5p days again..thanks Gowrie you lazy barsteward..

They have no cash, he will have to go to the market for cash soon before the SP drops below a penny, as new shares cannot be issued below nominal value..no one will be interested in loans / fundraising / buying assets etc etc as everyone knows how badly this company has been handled in the past & there is little stomach for any of IRGS's shenanigans with this lifestyle project..

I bet he's fuming..I will look at the accounts over the weekend for any disparities & see what IRGS has been playing at..why on earth won't he put some cash in if SHANNON is looking so good? The reason why is because he knows the whole operation is a crock of sheeite & now the company has served it's pirpose for casual trips to London & beer money..whilst all the directors have been on massive pension tax breaks through very genorous salary sacrifice NI loopholes..disgraceful how much they have dragged this out & not even attempting to do anything constructive to tjurn things around...