Wizard, The my company I was referring to was UKOG, as a shareholder of it, probably should have used the possesive "our" not "my". But for the record, was Director level with an 8 figure budget to control.
Wizard, yes the BOD are experienced, IN FAILURE! They have diluted the hell out of LTHs and for what? They certainly ain't experienced in drilling succesful oil wells or for that matter understanding geology. What they are expeienced in is in increasing salaries and bonuses with no justification and of course in share issuance. That's not the expeience I value in running my company!
RE: Unaunaudited results for the six-month period ended 31 March 202007 Jul 2020 13:48
Dean, I don't think quoting 2017 market cap is particularly relevant. The SP spiked after a positive drilling update from Broadford Bridge! and an RNS from Horse Hill:
"The HH-1 Kimmeridge Limestone and Portland oil discovery well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin, 3 km north of Gatwick Airport. As previously reported in February and March 2016, two naturally-fractured limestone members within the Kimmeridge section, known as KL3 and KL4, flowed dry, 40-degree API oil, at an aggregate stabilised natural flow rate of 1,365 barrels per day ("bopd") with no clear indication of depletion.
The overlying Portland flowed dry, 35-degree API gravity oil at a stable pumped rate of 323 bopd. The Portland oil was produced at the rod-pump's maximum achievable rate and thus flow was constrained by the pump's mechanical capacity. " This apparenetly wonderful news was sufficient to sucker me and lots of others in. How did Broadford Bridge turn out? Why didn't UKOG pursue the wonderful flows from the Kimmeridge? Why did they go for the Portland? WHY DIDN'T SANDERSON REPORT THE WATER ISSUES IN A TIMELY MANNER? WhY DOESN'T HE GO? Their reputation is SHOT.
RE: Unaunaudited results for the six-month period ended 31 March 202007 Jul 2020 11:49
DavidWK, look what the market is paying for oil companies producing on proven reservoirs. UKOG is never ever near a market cap of £100MM now, in my opinion it would need to be demonstrably producing ~3000bpd to attain this market cap. Do some comparisons with other oil companies instead of just spouting opinions. RRE takeover yesterday £240MM market cap, 20,000bpd production.
SRBS, as shareholders of the company we have the right (if sufficient shareholders agree) to remove any / all of the BOD. If he is not performing and he clearly isn't then he should be removed. Its not up to shareholders to sell if the CEO isn't doing his job so that he can stay in place. This company is going nowhere with the current BOD in place.
Invester, whilst everyone is entitled to their opinion and yours is "strong buy", you are so typical of the "ramp" posters here who come on and say strong buy usually accompanied by a ridiculous SP target. None of you post any numbers as to why UKOG is worth more than its current market cap. The reason is obvious, there are no numbers that support that and it also obvious why you do it, to get an exit at a higher price. You and your crew are responsible for many PIs buying in this last few weeks and not being wise enough to the RAMP to get out and now nursing a loss. Despicable.
Another Oil and Gas company (Hurricane) also had a Geologist as a CEO, he was forced to resign for underperformance despite Hurricane currently producing > 12,000 bpd at an OPEX of $17 per barrel, a revenue of ~$500,000 per day. His salary for running Hurricane was £425k pa. Step Forward our CEO, total remuneration for 2019 £766k , production 300bpd and still the board don't oust him and he certainly won't go voluntarily, definition of a "lifestyle" company. Lets oust the whole lot I say. By the way, Geologists don't seem to make good CEOs.
Sageman, totally agree and respect your comments. Share price is a function of: 1. Sentiment - we have seen that this past few weeks, it can turn both ways. 2. Current performance - UKOG don't rate too highly here (Production & Financials) 3. Future Prospects / Forecasts - This is where you need a plan, track record and credibility...mmmmm
Sageman, to get to 2p UKOG (£216MM market cap) would need 3800 pbpd at $50 oil price and $20 all in cost. This is without applying a discount to NPV10 which all oilers have and with UKOGs record a rather large discount would be applied. Also doesn't take into raising capital/equity to fund the new wells! Now, given where UKOG are, do you really believe this can happen in a 2 year period?
Troll, still trying to mislead people. What the hell has the chart of 2017 got to do with today other than provide a salutory lesson for folks of how people were mislead by SS / BOD then and how that turned out. There are no economics for a higher share price currently. This board fixates with the planning status of Loxley when the most useful thing it could do is engender support for an EGM to remove the board for non delivery over years! How many failures can they get away with? An honorable CEO would have walked. No chance for SS to do that as long as he can keep his snout in the trough. To me that is the only hope for UKOG, a new board.