RE: London South East Extended Q&A interview with the new CEO Richard Herbert and Exec Chair George Lucan11 May 2023 08:59
Well thank you for the answer WG.
I think the coming clean about legacy assets etc will be a tricky one to address unless you or someone else issues an investor question to the website. Currently investors existing and prospective are concerned with Saltfleetby flow rates, production and development of the assets, so the question isn’t being asked and therefore won’t be addressed by the BOD.
In terms of the dross you’ve mentioned, I think with the appointment of several big players from BP and Lucan being moved along for Herbert to take control of operations you are gradually getting what you want. He may well have been appointed due to the influence of others for which I’m grateful. The current BOD are looking much more experienced and reliable than 12-18 months ago. But to achieve your aim of getting them all gone will be a push however we may see more positive reshuffles in the future as Richard Herbert’s influence takes hold.
As far as I could tell from the interview, the plan is to prioritise Saltfleetby and develop that asset ahead of others. Then secondary will be to get gas storage established and the oil fields optimised. Then geothermal down the line. Yes, the priority should be Saltfleetby etc over geothermal, but overall I’m happy with the forward plan.
Lastly with regards to gas prices, with the Ukraine situation no closer to being resolved I have read from several sources gas prices will rise into the autumn which as a prospective investor will serve you very well. (See below link)
https://www.proactiveinvestors.com/companies/news/1014494/european-gas-prices-could-treble-says-goldman-sachs-1014494.html
I hope all the positive changes are encouraging for you and despite not as yet being able to fulfil all your requirements you can see that angus are making strides to be a solid, more profitable company better aligned with investor interests.
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