Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
The accounts are prepared in Perth AUS and as such "All amounts are presented in Australian dollars, unless otherwise stated", always have been. Basic salary $154,853 in 2022, and contracted for £112,000 / $200,473 in 2023 I guess to reflect becoming Interim CEO in Feb 2022. Note that they had already implemented the salary sacrifice scheme in Jan 2022 (50% deferred or accrued through shares).
Just to point out another inaccuracy posited today, the corporate investors hold 'ordinary' shares which have no seniority over PI 'ordinary' shares. If anyone can find examples of issuance of preferred shares do let me know, from memory I don't think so. Providers of senior debt facility would certainly clean up before shareholders but suggesting that the "corporate investors" in EUZ would be "paid off" before PI's is yet another misleading suggestion.
No, when Myles was paid through Virico that was his salary not an additional consulting payment. He opted to be paid through a consulting service company that he set up, I assume (but don't know) it was likely done for advantageous tax reasons, I saw that at the time and got answers. LR did something similar but dropped it to be conventially paid in the UK before he left. Look I'm obviously not happy about the situation but I do wish posters would take minimal effort to post accurately, the cr*pness of the SP shouldn't be a license to post cr*p.
"It needs a rise now of 936% just to get back to where it was before its last drilling campaign".
- 5 April 2023 commencement of drill campaign at Toral (SP 3.15p), where do you get 936% from?
"How they justify their remuneration, currently about 1.5 times that of the prime ministers".
- MC on about £110K before salary sacrifice scheme (have you confused the $AU figure) not sure how much he gave up for shares, I think EK and DS get about $AU 3000/month. The PM earns a salary as both an MP and as a PM which adds up to nearly £170K, suspect you're just counting the MP salary. How on earth can you think that the Directors earn salaries 1.5x that of the PM?
For the record I think they are generously rewarded given the situation and undeniably there has been an utter failure to deliver shareholder value to date but let's keep the debate within the realms of reality and cut out the lazy hyperbole.
Very interesting and worth listening to a credible voice outlining a great opportunity for Block to utilise our "ideally suited" geology to not only cover our own O&G carbon but to be a service provider for other industries (fertiliser and cement mentioned). So we have a very credible theory, what we now need is a credible plan to put this into action and get the SP moving.
Grappa, seems you keep your ear to the ground, "We are entering into an important phase in our business plan as we bring each of our Zancudo, Aguablanca-Lomero and Toral Projects into production over the next couple of years", Denarius Metals.
Chesh I think the problem we have for the short term SP is that looking at the last RNS the only facts with regards to CNPC as far as I can tell is that they are drilling on a licence between the Black Sea and our PIII which, if successful could reflect positively on our licence. Does that suggest the geology is analogous to our licence? PH goes on to say that we would then have access to 'a rig', do they definitely mean their rig and is that a definite agreement, also when might that be? Personally I think until we get some certain news on these farm outs it's difficult to see what will drive the SP beyond this slight recovery.
Bit odd as hasn't the spread remained the same and the mid dropped a fraction? The closing price seems to be taken as that after hours UT at 1.25, much as I've tried to educate myself on the UT I'm not entirely on top of it other than it being some kind of end of day balancing auction so I'll leave that to others..... On the CNPC stuff I'm certainly not discounting it, just questioning the wisdom of putting it in the public domain until they have something concrete to announce. For now I would just conclude..... encouraging.
I make it just 10 today so far and it looks like a stalemate. I wonder if we've gone as far as we can on recent RNS's, I do think we need clarity on our relationship with the CNPC sharpish as it's one thing to comment on their activity in Georgia and post a picture but we need to know if they are the farm out candidate and what the workplan is. Until then for all we know PH just photobombed the image with CNPC 'senior management' :) Sorry for the slightly cynical tone but I don't think they should really have RNS'd this unless something is signed, still it will have gone past the Nomad, so for the sake of their reputation let's hope there's something in it. GLA.
Just reviewed the Ken Seymour interview flagged by Heps and I think it's quite pertinent that he says how important combining geothermal with O&G drilling is for attracting investment. Given the GOG comment specifically on our PII license plus our own announcement about a farm in I'm hopeful that there could be something soon along these lines. Georgia is a signatory to the Paris net zero agreement so they have their obligations and there should be synergy with the PII well deepenings. As KS says O&G is far from over but we need to be part of the process. Let's see what 2024 brings, best wishes to everyone.
Yes Hep's more questions than answers at the moment but I do feel after the last update they have committed to some big announcements in the new year. I wonder if the Georgian government have grown impatient of our steady as you go strategy and have helped introduce some bigger players to help us get things moving on all fronts which had always been promised but I guess it became evident that slowly progressing PI was unlikely to ever fund everything on our own.
Thanks bobbby, very interesting. I think there was also mention of an interview with a former BLOE Director in which he specifically mentions dual O&G / Geothermal drilling technologies. Also that is intriguing re. PII "High impact" farm out. The original plan was for low cost deepenings which would suggest a farm out wouldn't necessarily be needed, some kind of JV might point towards something much more ambitious.
I was interested to read this on the GOG website "Samgori, Patardzeuli, & Ninotsminda Middle Eocene fields and future Field Development Program can play a reasonable role in energy transition of Georgia from Oil and Gas to Renewables". I mentioned the other day that we commissioned something similar with Baker Hughes and given that the Middle Eocene at Samgori and Patardzeuli is PII could this perhaps explain the delay in it getting off the ground? Didn't someone post a link a while back with talk of combined O&G / Geothermal drilling potential in Georgia (would be grateful if whoever it was could repost). Speculation of course but could it turn out that PII is being tweaked into an energy transition model?
Three times I have tried to write a coherent post expressing where I think we are on all four projects and I have given in because it's something of a riddle. I can't decipher for certain what is going on with with PI, except (country to PH statement) they didn't deliver stated goals for 2023 and plans for 2024 are noncommittal. PII appeared to be off the radar but there was intriguing comment about farm in which seems to have been lost amongst the greater excitement around PIII. On PIV have GOGL actually done anything and if they have shouldn't we know about it? I'd love to know more about the geothermal, we paid Baker Hughes to look into it but as shareholders haven't been given the conclusions. So overall I remain very interested in the potential which is clearly massive but frustrated at the lack of clarity. The risk / reward equation remains (for me) healthily towards reward but I do worry about the smoke and mirrors and not least Russian naval activity developing a base in disputed Abkhazia which I believe has weighed more heavily on the SP than the inaction on P's I & II.
Interesting Linkedin find Bobbby. Does make me wonder what happened to the Agreement with Baker Hughes signed in June 21 "Baker Hughes has allocated additional engineers to assess and potentially develop geothermal, carbon capture, and hydrogen applications across the Samgori, Patardzeuli and West Rustavi fields". Did anything come of it? Could this be the implementation of their findings or did it just wither on the vine and nobody told us?
Bricks whatever we think of the morality of share awards when PI's are so underwater the actual mechanics are correct as far as I can tell - 1.5m for the successful completion of the agreement and initial cash payment and 1.5m for the successful MLA application. Possibly you're reading it as a successful MLA being the awarding of a ML but it's the acceptance of the MLA that was in terms. I have mixed feelings but we should understand that all the work to date has been essential to making the MLA possible. Hopefully something soon on Antonina and the enlarged mining area, for me an important part of the Agreement.