Yes-they can shut-in. As many producers will do or they fill up tankers and send them to sea to wait which is what happened in 2015.
There will be an almighty pop in the price at some point especially if Shale falters. Last time the drilling rigs remained active but the wells were not completed and brought on line until the oil price made economic sense to do so. This time I expect drilling activity to stop.
RE: Planning Application Meeting now.03 Mar 2020 17:41
This came with a recommendation for approval. I think a counsellor would need to raise a motion to oppose the recommendation if they were minded to refuse which would then need seconded before a vote. The fact that didn’t happen meant to me the vote was a formality and the scheme approved.
I think he’s not good on the ‘softer’ elements ie doesn’t matter how good a CFO he may or may not have been, he can’t sell it as we all witnessed at the last CMD. I reckon the board forced his position.
But he’s also going to be forever tarred with the warrant debacle. As long as he remained the concern would be of a repeat.
I don’t think a takeover is imminent. If the mcap is £1bn or £1 it is nothing in the scheme of things when it comes to the cost of FFD and for that to happen - it’s back to the old EPS conundrum. Let’s hope the CMD updates put it in to bed (or at least PJ’s on and teeth done!)
In my opinion Stobie is out due to the share price performance which is not in reality all his fault of course. The CMD offers an opportunity for a realistic expectation of a positive underscoring of the company commercially and a subsequent increase in the market cap/sp accordingly as investors are encouraged by what they see and hear.
In previous CMD’s Stobie has been found wanting and instead of a rise we’ve witnessed a steady decline in the share price against a backdrop of operational success. Now this isn’t all Stobies fault given the macro environment/spirit/operational performance question marks over water etc but a good CFO should be able to provide a bookend to the CEO’s ‘spin’. In my opinion the board has no confidence in Stobies ability to do that and were left with no option but to oust him pre CMD.