Member Info for zebbo

That will my primary ask, an investor wide Q&A with the senior team / bods.

I can only cover so much ground in 45mins and only have headline knowledge

Topics I plan to touch on

- Recent SP performance

- Manager fees

- Divi affordability

- FSFL merger

- NAV gap (but always find this to be somewhat subjective)

- Lack of inverstor interaction / overall transparency

I guess alot depends on NEO financial health. Current low prices could be a deciding factor

AI generated.....

Alignment with NEO's growth strategy

An acquisition of BP's stake would be consistent with NEO's strategic expansion in the North Sea.

NEO has been rapidly building its portfolio in the region through a series of acquisitions, including deals with TotalEnergies, ExxonMobil, and JX Nippon.

In July 2025, NEO merged with Repsol's UK business to form NEO NEXT, a larger entity with more scale for both "organic and inorganic growth," including further acquisitions.

Analyst commentary in September 2025 highlighted the possibility of NEO NEXT acquiring TotalEnergies' UK assets, including its share of the Culzean field, to boost its portfolio.

Potential sale by TotalEnergies

While TotalEnergies also has pre-emption rights on BP's stake, comments from its CEO suggest the company is considering divesting some of its UK assets. This could make an acquisition by NEO NEXT more likely than one by TotalEnergies. However, both companies have the option to increase their share

Folks, any more items to flag. I will summaries the output from the call and post

I am also of the mind that Culzean is just another deal, if it comes off great, if not there are more opportunities in the pipeline

Dont think the BoD will be losing alot of sleep over this

Expect the SP will be well North of 3p. Why would you take warrants at the strike price. I would personally only take warrants that are well in the money, thats the attraction

RachT2, your views are so boring though, you are on constant repeat loop....LOL

My money is on the later as they must be confident, assays more subjective to investor response

Interesting all the same

My point is that RIs are buying these shares and hence there should be better transparancy and simplicity in how those numbers are presented.

Complexity can also be used for a number of reasons.....as well we know

Trek - divi cover 1.1 to 1,3, the question is how that cover is achieved. Through operational revenue or sold assets??. Likely a mix, but what does that look like

I guess this may be used for IIs to present SEA

Great presentation on all levels

Yeah, but these med term high yield bonds in the main from strong companies/institutions.

Nothing is immune to a big market pull back. Others will be hit a lot harder . Solid hold for the long term

To drop EPL we need $71.40 per barrel of oil, and £0.54 per therm of gas for a "sustained" period

Oil looks good by gas remain around 81p, so a way to go. I dont believe there is a blended state that would cause EPL to be dropped + the sustained period is not defined, but expect this to be 6 mths or more

More pressure on gov still required IMO

I have been invited to have a call with NESF next week, following my email to IR, covering fund underperformance

Topic areas inc

1. Asset management and disposal

2. Increased communication during a period of significant value erosion

3. When can we expect a constructive update from the (BoD) detailing some concrete actions/plan/timeline to arrest share price fall?

4. BoD's primary responsibility is to protect / grow shareholder value, if the BoD cannot do this....who can?

Happy to take any reated specifics / factual concurns to the call

RachT2...

"EB - more nonsense to suit your narrow narrative" talk about pots and kettles. You are the worst offender on this BB.....LOL

But if they sell assets at NAV and with the shareprice c30% below NAV, its a win as they are just returning profit from sales + income as higher yield divi

Https://www.marketwatch.com/investing/stock/bllyf

I have also written to IR and shared my feelings (constructively) but in a in a damning manner

Could be a reason for the dramatic fall. If this is the case it could reverse soon. I picked up a big chunk yesterday, eel its just getting to cheap

"The Board reaffirms its target dividend guidance of 8.43p per Ordinary Share for the financial year ending 31 March 2026 remains fully covered by operational cash flows".

Plus I am hoping this gets wind up treatment

Whats wrong - Triton operating life ended 2 yrs ago, but its life has been extended. So here we are 1 issue after another, things are given operational life for a reason.....

So we have a long way to go just to reflect our 30% share in GLND, due to list on Nas very soon

Based on this with other assets, we should be ~3p IMO