Member Info for Straycat

Sami stated at the CMD that the issue of share buyback had been discussed by the Board at the time they were deciding on the new dividend policy. In fact he went further, saying it was still an open matter.

If he had blocked any buyback proposal at those meetings on grounds of financial prudence, he would be very vulnerable to attack later if the sp didn't respond to the dividend initiative.

And now, shortly after his departure, the official announcement on buyback will be made today.

Cockeye,

Indrid just finished beating me up for advocating share buyback!

Her argument was one of cash conservation in case of need. Not a keen fan of the buyback.

Please don't let her loose on me again!!!!

On the other point, the shares must be retired to have any impact.

ayatollahblair,

I'm going to take that as a complement..I've never been accused of deramping before..it's a first!

Applauding failure, particularly when the targets are self made, isn't my bag I'm afraid. You carry on though.

The Board has one overarching operational job and it's just admitted failure to achieve, even on its own time frames.

There are no unpleasant surprises in JFs monthly pay packet. Nor, incidentally, any attempt at payment by results.

Dual standards ayatollablair, dual standards.

Pitiful.

I just hope they've been able to reschedule the capex payment plan to reflect delay of 55kbopd back to Q2 2020.

I note that they felt the need to restate their assertion that the capex was still 'fully funded for all phases'.

Great news on the share buyback tho'.

Hopes rather than predictions:

1) Board and shareholder approval for the new Dividend proposal;

2) Announcement of completion of the export pipeline from PF-1 to the main export pipeline, thereby eliminating trucking costs. On several occasions this has been referred to in anticipaton of being completed by mid-year;

3) An update on revised FDP progress which was submitted to MNR in October 2018. At that time it was not approved in particular due to a requirement for additional assurances ref 'the timing and commitment to eliminate gas flaring'
These assurances and this FPD agreement are now critical. In addition to the gross capex spend of $200m-$230m committed for development to 55k bopd by Q1 2020, there is a further $45m earmarked in 2019 for capex spend relating to the 75k bopd phase...we don't want to be spending that money 'blind', without FDP approval.

Delivery of the strategic plan on time and within budget is vital, and the Board must be held to account for its implementation in all respects.

There's a load of other stuff, but adherence to the Plan is central to them all.

I've seen Cockeye's posts elsewhere and he's no BroadfordBay.

Well put Indrid.

As far as I can tell there's no S175 notification to Solo which suggests:

1) There is no conflict of interest;
2) Solo's Board approved it;
3) He hasn't declared it.

If that's right then we don't know what one of our biggest new shareholders and the Executive Chairman of an acquisitive O&G development business looking to diversify into Europe is up to...

Thanks Tony, I'd seen that.

The question is why he so financially interested in Bloe.

It is the same guy, right?

but according to their March 2019 Corporate presentation, Alistair Ferguson is Executive Chairman of Solo Oil.

Solo Oil's stated growth ambitions are acquisitive. In Europe and Africa.

And isn't he a 5+% shareholder of Bloe as of earlier this year?

I ask as a new investor with no axe to grind at all.

Just curious as to bb opinion on this.

Hi Cockeye,

It seems to me that GKP are in the process of reshaping their share register using the new dividend policy as a key driver.

This is causing sp disruption as the MMs do their thing and they'll keep on doing it until their clients appetites are satiated. April 2nd seems a long time ago now.

Meanwhile GKP just keeps on rolling along getting stronger and stronger, month on month, production disruptions or no. I've done a monthly p&l, balance sheet and cashflow for this Company out to 2021 and its scarey.

And sooner or later this has to be reflected in the sp AS LONG AS GKP do as they say they will. And on time.

In fact I would have made the capex a pivotal part of any VCP because that's where the value is.

So I struggle with the link between Sami's demise and the drop in the sp over recent weeks. I have no idea why he's gone.

As for Jon, the same applies. He should just follow the script and perform accordingly. And the Company performance will see him become a multi-millionaire...we should all be okay as well.

One of the many unknowns here is the influence of regional players on GKP activity which is what Bravedog was alluding to. Again I have nothing to offer on this.

IMO.

Bravedog,

So Sami went about promoting the stock by reference to the dividend initiative which was designed to attract new institutional investors.

He would have known that this policy would inevitably squeeze the PIs in favour of his new target audience. And that the sp would be pressured as a consequence of their buying methods.

So how do you link that to his departure?

krok,

She's anticipating a short(ish) rebound to 60+p which is where you're at.

And with a supposed 700k+ holding, you should welcome this Chartists opinion, even if her longer term vision is debatable.

Good post rocker1, just wish I fully understood what she was saying!!

But I got the drift and you can see that rebound shape forming...hopefully it's not a mirage!

Hi Opulentia,

It's thirty two working days since the last payment update, which is a couple of days longer than the Feb update took but not a cause for major concern...yet.

Cockeye,

That's right. We can definitely rule out 'personal reasons' because this would have been covered in the RNS.

Also, you don't resign voluntarily from a Board without letting the world and his dog know that YOU RESIGNED.

The termimnology used in that note will have been the subject of much discussion pre release and if Sami only managed to come away with 'stepping down' it says a lot as to his negotiating position.

As I have said, there is no reference anywhere in the communication to resignation.

A simple explanation for this would be that he did not resign.

Nowhere in the announcement is his resignation even mentioned. Not in the first person, not in the third person, not at all.

Instead the euphemism 'stepping down' is substituted. This choice of wording is no mistake imo.

And such language is bound to prompt speculation, warranted or not. Intended or not.

If by 'guided' you mean instructed at every point by specialists who brooked no resistance from those two intellectual minnows, then I completely agree.

I recently evidenced their palpable mediocrity thanks to Bravedog who kindly provided me with a link to the 1/10/2015 CPR video presentation.

When asked about the immediate future operational funding plans for GKP, SZ pointed to one isolated MNR September payment as the possible start of a trend of a trend of a payment trend.

That was enough for me.

'Let's face it both Sami and Jon were brought into GKP to sort out the balance sheet..'

Wiseman72,

Do you think either JF or SZ had the necessary credentials to conceive of the GKP share restructure plan or its implementation?

ss,

If Sami were resigning voluntarily he would insist that the announcement was unequivocal and incapable of misinterpretation.

The only way to achieve this is by using the word 'resign' and/or some derivation of it in the note.

Anything else, any other form of words, any other phrasing, leads directly to the sort of speculation we've now got right here. Any other ambiguous language also compromises his future employment prospects.

So, given the choice, he must inevitably insist on the inclusion of the word 'resign'.

But nowhere in the RNS does this word appear, nor any derivation of it.

Instead we've got a headline with the legend 'Directoral Changes' and the best Sami's been able to negotiate is an oblique reference to 'stepping down'.

As to why?, or why now?, not got a clue. And you're right, in such circumstances speculation is pointless.

But I note he's retained his VCP nil cost options which most likely will carry significant value in coming years.

So because of this Boards 'generosity' we may never know.

Obviously all IMO.

The RNS language suggests to me that he was pushed...gently.