RE: Mauritania news18 Sep 2025 16:29
Hey Smyth,
I agree with you - I also feel there is a clear drag on this beyond just lack of demand... hence I am equally interested in the shareholder register - particularly the main large holder.
Happy to share from my side - bought in around 2018, increased my holding following the A2 results and kept buying. I havent so at any point - other than maybe a few to move funds into other investments. I was pretty shocked by the ENOG deal and lack of cash that came with it - so wasn't that surprised by the fall but I stuck with it. The A3 results and inaction that followed were a disaster. I increased my holding by +20% around 1.6 just before the recent raise and then subscribed to the recent raise believing there was upside if management could deliver.
I went to the AGM with mixed emotions. Last year had felt awful - they clearly knew the initial A3 results but couldnt say and the mood was incredibly sombre. The meeting was rushed. In 2022 they had been upbeat so it was a total contrast. Listening to them at this meeting they were more upbeat than in 2022. AP shook everyones hand, Andrew Hockey set the scene (it was sincere, contrite and honest and felt very different) - more importantly though there was a clear message about we're through the doom loop, stick with us. 12 months from now we will have happy shareholders. It didnt smack arrogance, more just confidence.
In the next 11.5 months they sound confident they will land : Farmout Loukos, Farmout Anchois, Namibian Licences + potential farmout, Some form of producing asset, and either a Renewables sale / IPO. If they do even 3/4 of this, then this will rocket.
I am a long long way underwater, and not a ramper. Management need to re-earn their stripes. But do I believe in this, - in a word Yes! and I think more importantly they do too.. It's hard to explain how different the AGM felt.
IMHO
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