Antrim Egy Share Discussion Threads

[seangwhite] 09/3/2016 15:20

Let's face it this BOD are a disgrace.They have even managed to discount cash.Pity nobody seems to worry or call for changes.GLTA

[jusmasel99] 03/3/2016 07:45

The terms of the FEL licence say that a plan for the next phase must be submitted before 31/3/16 - the plan must include a drill. Otherwise the Licence drops at the end of June. I would imagine that there is a good case for an extension to this requirement based on the fact that Kosmos pulled out at a late stage - but in any event news must reach us within the next 4 weeks of what they intend to do.

[sea7] 25/2/2016 16:09

Just under 3 years ago, the fastnet price was just over 25p. It dropped to 1.93p last august, which is a drop of over 90%.

[resourceful] 25/2/2016 08:30

someone wants to appoint Cathal Friel to the board
Has he not seen a 90% drop in the Fastnet price and lost tens of millions

[sea7] 22/2/2016 09:43

tks yasx

I have his number.

[sea7] 22/2/2016 09:42

kingivor,

there will not be a Q4 release this week. It will be in april combined with the annual financial report as in previous years.

They are in a closed period, so I would not expect anyone to comment much. Two months before results are published is the closed period time frame.

[yasx] 21/2/2016 13:38

Sea,

Give him a call. I can let you have his direct number if you wish.

Kingvoir,

Rhetoric indicating that they are seeking opportunities and that all is well is unpalatable - the same has been relayed for a couple of years.

What I find agitating is how Potter insists that he has always had in mind an exit route that involves him handing over the keys, yet, when the offer from Sound came along he insisted it was to the detriment of holders, even though that offer was at multiples of the current price (and Sound has since headed higher still).

Potter has no intention of leaving what is plainly a very comfortable position. If sufficient votes can be agglomerated, even Hedgehog might sit up and take notice since I cannot see why they would allow Potter to dissipate the cash that remains.

This is one in which shareholders need to step up or soon there will not be much cash left to preserve. Remember, g&a costs around $2mln a year, and nothing much is happening to justify such ludicrous spend in my view.

[kingivor] 21/2/2016 13:21

The Q4 blah, blah should be revealed this week. I'm hoping they will articulate a way forward for FEL 1/13 ; as in a positive narrative - that they anticipate formal government transfer of the Kosmos interest back to Antrim in the near future (as per Europa) and are in parallel negotiations to farm down the 100%.

[swizz] 21/2/2016 12:59

It was more around the thought that the direction does not need to be one dimensional, given the state of the sector, Antrim have options if they are inclined to engage their minds, it is far too comfortable trotting out the same old blah blah every few months....GL S

[sea7] 21/2/2016 12:51

I emailed anthony last week and await a response.

[yasx] 21/2/2016 12:18

Not particularly relevant here given the change of strategic direction.

I think holders need to get in touch with Potter and air, with a degree of vigour, their views - he might then consider there is a real possibility that they will no longer put up with this situation.

In the meantime, I will elicit the view of Hedgehog.

[swizz] 21/2/2016 08:59

Take note AEY BOD, I wonder if we could get Cathal Friel voted on to the Antrim BOD?.....GL S

[yasx] 20/2/2016 15:00

Swizz,

Noted and thanks.

It won't be difficult I imagine to assemble a group with a sufficient number of shares to seek a vote of no confidence. What needs to be done in advance however is to identify what Hedgehog have in mind - thy can dictate what happens, so before going through the strenuous task of getting things together I am trying to liaise with Hedgehog. Has anyone had any contact with them?

[swizz] 20/2/2016 14:06

yasX, I spotted your post a few days back in relation to bringing a group of like minded holders together, to at least apply some shareholder pressure to stir some activity with the BOD, whilst I appreciate it is very early stage, if it develops further I would be interested to hear what you have in mind,......GL S

Btw - currently holding 275k, but do plan to add further.

[sea7] 19/2/2016 16:18

With 3.5p in cash and a share price of 1.25p to buy - we have a good margin of safety here. The market should close the gap between cap and cash, as it is quite a disconnect.

Company has no debt and $659k of obligations over the next 3 years, as things stand. The rest of the expenditure is salaries and associated costs, such as listing fees.

[jusmasel99] 19/2/2016 11:02

I think EOG can safely satisfy their commitments - but there is a contradiction in his hypothesis in that the only asset AEY has is cash and that is the only thing any possible merger participant would be interested in. Much the same way as SOU proceeded after their interest in AEY although the involvement of the SOU director in AEY may have tempered that deal.

Asset strippers can take control of companies like AEY quite easily and make a little killing in the process - that can be their only objective. Cheers

[yasx] 19/2/2016 10:37

Jusmasel,

I have no idea who they are or have spoken to, save that Potter indicated they had in the past signed a plethora of NDA's but nothing constructive emerged from any dialogue.

I rather doubt he will go for something like EOG. You see, his view appears to me is that he is not keen to allow another company to simply merge to gain access to the AEY cash for commitments they otherwise cannot satisfy. He thinks this is an inappropriate use of funds and not in the interest of shareholders (I am not sure how spending $2mln per annum on G&A is, but there we are).

Potter needs to go. Question is, what objective do Hedgehog have in mind?

[jusmasel99] 19/2/2016 10:08

Interesting chat you had. Antrim have basically two assets - Cash and Ireland. Cash is dissipating and Ireland could disappear next month if they do not get an extension to their FEL. I understand the problems surrounding doing deals in this market at the moment - Mcaps are way below real worth and it would be impossible to reach consensus between two parties on what their respective companies were worth. But I am drawn to the synergy between AEY and EOG. They both have Irish Licences (EOG being more proactive in Ireland and look set to gain an extension to their FELs)so valuations on these should be similar. The cash AEY has is just what EOG needs at the moment because they have a bunch of high profile opportunities to develop - Wressle, Holmwood and the new UK Onshore licences they have recently been awarded. Adding the Irish FELs together plus EOG's new licence option would make an attractive bundle for the Big Boys who have now expressed an interest in the Porcupine. Of course EOGs Mcap is way down at the moment but I do think a deal could be done before Antrim's cash disappears. I wonder if they have talked to each other recently???

[yasx] 18/2/2016 19:55

Surely Lu/Hedgehog would want to get rid of Potter & Co, unless there is a vested interest that would make them want to ensure they remain? It certainly cannot be that they expect Potter to induce some sort of recovery, since his record suggests that is inconceivable.

So, if they really were in it for no other reason than being invested in the Company, the first step would be to gauge their feelings.

David Lu: Tel: [phone]

[yasx] 18/2/2016 19:37

Sea,

Perhaps - but then, one has to ask, what is in it for Hedgehog?

[sea7] 18/2/2016 19:18

Thanks for the feedback yasx.

The board still appear to have the backing of hedgehog, with over 46m shares.

Even if you do get some minority shareholders together, the recent vote at the meeting to keep nearly all of the BOD in place was significant.

I expect potter knows this and isn't that bothered by it.

[yasx] 18/2/2016 18:58

Potter called me today - I had earlier sent him a detailed missive and missed his call yesterday.

We had a lengthy chat and I made clear my view that this is essentially a vehicle enabling him to draw a salary. He felt my remarks suggesting a degree of complacency and cessation of activity were dismissive and not a reflection of the reality - unsurprisingly, he feels they have for some time been working tirelessly on trying to embark upon a suitable transaction. What I found entirely contradictory was his assertion that on the one hand the oil/gas space was so distressed that all assets and companies were being improperly valued without reference to tangible asset values, yet on the other hand was insisting that it was difficult to secure a deal because no entity was interested in selling out in a distressed sale, notwithstanding an inability to finance their projects and no contingency arrangements.

The bottom line is he thinks he is not in it for himself and is/has been doing his utmost to complete a transaction to hand over the keys, and that he is actively working on this theme. He has nil idea if any deal will ever be secured, but merely hopes that this will be the case.

I pressed him on the merits of declining the Sound Offer, but, needless to say, he did not wish to discuss Sound Oil.

I did suggest one alternative pathway in the absence of a deal was to return the cash to holders and leave this as a shell. He indicated that this is also something that has been considered,although I rather doubt it has been considered with any serious intent. I told him that G&A costs of circa $2 mln was woefully disproportionate but he made clear this was set to reduce - again, I did not detect his tone to be overly enthusiastic so far as regards this aspect.

The bottom line is that I cannot see Potter doing things differently - he will plod along until the cash runs out or is booted out. I told him that I was seeking to assemble minority holders with a view to potentially ensuring the latter.

[sea7] 18/2/2016 17:39

Im long as well and no one is going to want to do business with them, they have a holding and will no doubt be emailing the BOD to push for some action, I do not think they can do much else.

[sfox1] 18/2/2016 17:34

They aint got a hope on this board..who from a professional capacity would want to be associated with that hopkins and co...my point is there toxic. Fyi im long

[sea7] 17/2/2016 15:04

Thats right, david lu is the president of hedgehog.

orbell was ceo at sound oil at the time of the intended offer.

This article sums it up...



As hedgehog have 41.368m shares then it is most likely they who voted him off the board, based on the voting numbers from those that attended the meeting.

I can not see many PI's bothering to attend or have proxies.