Member Info for Shakeyourmoney

Hasn't helped the SP much though..below nominal value shortly & still the directors wages, high lifestyles etc will continue regardless.

Will look bad if KEA goes into admin..as he has borrowed money from the banks & he is rich enough to make this project happen without further distress to the SP..they have all.had a good drink out of this 'failed attempt' & they should pump some funds into the pot to get a drill on the boil for SHANNON 'as apparantley it's worth shareholders getting behind it' so come on IRGS are you a man or a mouse squeek up we can't hear you..

Nigel has shares all over AIM..for instance DDD they make 3d programs for fones & laptops etc..his cash here has turned to dust, he invested originally at 8p old money..IRGS needs to get his head in gear & get a proper deal tabled for KEA or he will be seen as a failure due to ineptitude & wishful thinking..

why remove the post, obviously it upset someone at admin or someone reported it..we have had this before, removing post's etc..maybe there is some truth in what's going on behind the scenes here..hopefully there will be some serious upside in the near future as buyout or merger talks will almost certainly enhance the SP..lets hope for all concerned stagnation doesn't occur or worse case administration..

but it will come back strong I believe..the 2 new directors were buying all the way down to 25/30p & they are ethanol / finance experts..getting rid of the govt stake was key..so now they are in care & maintenance & hopefully building a strong business model on the strength of a few good harvests..

Hi there, missed the removed post mate..what was it's content & how did you interpret it?

IRGS & the gang put themselves first instead of the company, they strung things along to keep the gravy train rolling..out of order considering IRGS's considerable wealth..there will have been backhanders along the way also looking at the costs of some of the 3D etc..as for value, as it stands I would say £5m then for someone to want to invest a further £10m in the project to get the thing up & running properly (more fund raising)..remember there is some debt, at a guess £1.5m plus some immediate overheads to resume production, then there is an outstanding litigation claim, to which no one knows how much for..

You miss the point mate..IRGS & David Lees are KEA, they have the upper hand due to their 15%+ holdings..even if they did initiate the points you make it wouldn't help KEA much due to capital required (which has already been wasted BTW) for further drilling to prove up the resource..when oil is found via an appraisal well the idea is to keep drilling in the same area to prove up the field but because IRGS commissioned 3D seismic for both PUKA & MERCURY it virtually wiped all the capital out & in my view it would have been more prudent to sink a horizontal drill near to PUKA2 then poke it around to find the reservoir, not exactly rocket science but the 3D showed that the best place to drill was PUKA3, hey ho low quality 3D found water..problem it left, was nearly a 9 month wait from initial farmout to drill which incurred monthly overhead costs circa £200k (useful drilling money wasted again) Also if the 3D hadn't been sanctioned (£5m wasted) plus early cost cutting measures implemented, coupled with an earlier drilling campaign started possibly KEA could now be producing 300 maybe 400bopd & in a half decent financial position, ok maybe MERCURY would have been rescinded in the process but so what! There would be a viable business model & KEA would be in a much prettier place than today..

Tells us it's a damn good project that has been ruined by the inappropriate actions & reactions of late from the star man IRGS..he has run the company from one of his beach huts on one of his islands..there is supposedly good infrastructure from the money spent & a small producing field..another company with good cash backing would pick up a decent shell here for very little money..there is not much debt with drill ready prospects for the right player..trouble is it's a buyers market so little value can be realised in todays low oil price environment, the current team cannot continue with it's stupidly high overheads & slovenly attitude to the business in general..hopefully, for all longterm holders a decent package can be put together to buy the company as a going concern, with some much needed cash input to boost the profile & lose the horrible management decisions of the past few years..

as the RNS cost to generate £500.. 18-Feb-15 15:09:05 1.41 37,192 Buy* £524.41

Although i'm no longer a holder, I have been following this company & it's pernicious chairman IRGS ever since. I have looked at the news releases in detail & it has been a shocking state of affairs..very little has been spent on actual operations, whilst the directors have feasted on every last morsel of cash available..in one RNS they actually stated that IRGS was given shares in lieu of salary only to double check that he had actually paid himself in the previous 12 months..the whole lpt is a sham..there was no need to do a consolidation except for the fact they could no longer raise any cash with the SP below a penny, look where the SP is now?!? who will come along & buy the assets? Assets are tuppence a bucketful at the moment with the woeful drop in the P.O.O. so this leaves merger talks..who in their right mind would merge into this mess now with all the hidden problems, high salaries & leases on properties which are not in line with the size of the company? Why would anyone want to farm in to any of the prospects knowing IRGS's track record here..it is a disaster of some magnitude with monies misappropriated over & over again due to bad workmanship, poor decision making or just general sloppy attitude to running the company generally..

9) Administration will probably ensue as IRGS's slovenly attitude & lack of initiative to the whole business will leave him an easy exit, after years of good wages & bonuses on the strength of shocking results.

1) KEA have no revenue stream now as the PUKA site is shut in. 2) KEA is having a strategic review due to the following, taken from the RNS.. Background On 14 January the Company announced that, as a result of the current oil price and a mechanical problem, it had shut in production at its Puka site. It also announced that it continues in discussions with potential farm-in partners for its Mercury, Mauku and Shannon prospects. At the time of the publication of the Company's final results the Directors stated the Company was in discussions to secure additional funding to cover an expected funding shortfall in 2015. To date the Company has not entered into any funding agreements but discussions continue. As a consequence of a combination of these factors the Board has decided to commence a strategic review. In the meantime the Company has taken a number of cost cutting measures to preserve its working capital which remains tight. 3) All KEA assets are available for farmout..up to now there are no takers & MEO look to have abandoned any hope of completing phase 2 of the original PUKA deal & are in the process of a merger with MSMN. 4) IRGS has only just decided to look at expenses again quote from RNS ' In the meantime the Company has taken a number of cost cutting measures to preserve its working capital which remains tight' Salaries circa £100k per month, offices in Westminster circa £25k per month, round the world travel circa £20k per month & general working expenses & debt repayments on bank facility circa £55k per month. 5) Who would be interested? Given IRGS's massive ego & terrible track record with KEA, especially after finding oil when prices were rising upwards of $110 a barrel. 6) Bad workmanship & general sloppy management coupled with all of the above would make it difficult for anyone to be interested 7) Cash is almost out..more dilution on the way, which means a visit to Darwin again for the usual rinse & repeat which will ultimately prove fatal this time but if they can squeeze 6 more months out of this then they will go ahead. 8) There is an outstanding dispute.. 21. Contingent liabilities The Group is defending claims brought against Kea Petroleum Holdings Limited and two operating subsidiaries by NRG Drilling Limited. Kea has taken legal advice and accordingly considers that it has strong defences to the claims and will vigorously defend them. An unfavourable outcome to the litigation could have a material adverse effect on the Company's financial position. This will probably be resurrected if a sale is forthcoming which will involve brown envelopes & nothing left for shareholders in the end as this will be dragged out before any value is left for shareholders. 9) Administration will probably ensue as IRGS's slovenly attitude & lack of initiative to the whole business will leave him an easy exit, after years of good wages & bonuses on the strength o

The overheads are just too high..they should have addressed this a long time ago, IRGS has just run this company into the ground whilst picking up wages for doing fcukall to earn it..if you go over the RNS for the last 18-24 months the clues are there, they have strung this out to benefit themselves..a few investors made money on the run up to PUKA 3 selling out before the dreaded duster..the biggest red flag was the NZ$4.5m spent on useless low quality 3D which led them to the duster, this money should have been spent on drilling, also the waiting for the drill cost the company dearly in overheads as each month costs around £200k in expenses..all that wasted money could have proved up some substantial reserves, if they had endeavoured to drill around the existing PUKA site with a horizontal drill but no he had other ideas & look at the mess now..they won't be bothered, the life will be squeezed out of this share to detriment of the PI of which most have written their investment off by now so they won't be bothered & IRGS & company will just keep drawing wages blaming the price of oil & circumstances out of their control.. If you read back through the RNS you will see very little has been spent by KEA on actual drilling, most of the cash has been spent on expenses or wasted on bad decisions..for example a drilling station to house up to 6 wells, then on the farmout they talk of a new production station being built..all bullsheeite just to line their pockets, the highest paid director is on something like £6k a month? For doing what exactly?

It means a fundraise is coming, as they are out of cash..for any deal to materialise will take 3 to 6 months at least..no production & the bank facility will be exhausted..IRGS will be on the horn to Darwin organising wages for the gang at approximately £200k per month overheads, salaries, westminster rent, servicing debt etc etc..we know the drill by now..

there is an outstanding claim to be settled first.. 21. Contingent liabilities The Group is defending claims brought against Kea Petroleum Holdings Limited and two operating subsidiaries by NRG Drilling Limited. Kea has taken legal advice and accordingly considers that it has strong defences to the claims and will vigorously defend them. An unfavourable outcome to the litigation could have a material adverse effect on the Company's financial position.

& the SP heads south..standard

For money is running out lets try & create a lttle interest in the business..meanwhile expect a fundraise shortly to shore up the balannce I mean directors wages..

IRGS & the gang now having bled the company dry..so much wasted opportunity crucified by outrageous & certifiably bad management decisions.. Now they are faced with paying the bills due to dwindling cash resources & sensible financial planning structure, emphasised by the recent drop in crude prices.. What next? Will MEO want to go ahead with phase 2 or Shannon? How big a placing will be required from KEA if they get the nod for another drill?.. Biggest question for me is IRGS to be trusted after milking the company too far? With high salaries & bonuses, expensive offices in Westminster & exceptionally horrendous results considering they actually found oil at the best time, when prices were as high as $120 a barrel.. Investors here know the drill at KEA by now, if they are still invested here's a reminder.. Crushingly horrific, expensive & disappointing scenario all round for everyone involved..except the directors of course, because they have benefitted greatly from this expedition of wanton sterling debauchery..

nothing more, nothing less..they found oil but couldn't exploit the acreage properly, even with all the cash reserves which are now spent & they are ticking over with no income & a diminishing bank facility.. The big mistake was paying NZ$4.5m for the seismic..this money, plus the money wasted for waiting for the farm-in could have been spent on drilling near PUKA 2 to boost up production..but no he spent the money on low quality 3D which resulted the dreaded PUKA 3..since that day the SP has plunged beyond recognition & the next news will involve more funding in one shape or form..