Amerisur Resources Share Discussion Threads

[lucyp00p] 28/8/2019 12:43

What are you referring to? And, would you like a dictionary for Xmas?

[golconda] 28/8/2019 12:42

None of the parties who are doing due diligence can buy shares in the market as they now have inside information

[yasrub] 28/8/2019 12:37

Speculation - what do PIs feel the institutions are looking for. I am assuming the board will have sounded out where they would be positioned on valuation. I am intrigued whether the board's view is in alignment with the institution holders.

[tyler durden1] 28/8/2019 12:30

Back on speculation mode? 90% of posts are speculation mode, including your post above?

Nothing wrong with speculation on bb's unless a poster states they are fact.

[lucyp00p] 28/8/2019 11:05

We know nothing about the process or progress. Of course, every day brings the chance of a new RNS from the company but after a hiatus of a few days, we seem to be back on speculation mode. Obviously M and P were not going to get a deal at 17p, but I'd be amazed if they would simply walk away from the table, given that they can pick up shares for 17p in the open market.Do multi billion dollar companies just float a proposal with no plan b? Not at all.

[underhill2] 28/8/2019 10:43

I meant to say has always been Amerisurs strong point !

[kaos3] 28/8/2019 10:42

if no takeover - one can assume CG is in the driving seat indeed - not as a chairman but as a holder (off shore)

probably was explained to RH too - so he took off

off course he declared all share holdings he and connected parties hold and I see no problem there lol

[underhill2] 28/8/2019 10:33

I agree with your comments. Poor communication has never been Amerisurs strong point. It also applies to Ironveld.

[underhill2] 28/8/2019 10:30

Would not suprise me if there have been no firm offers at a price acceptable to Giles Clarke and his other directors and the conclusion of the Strategic Review is that we carry on as usual. I hope this is not the case but I just have that feeling.

[foiledagain] 28/8/2019 10:24

It will be untenable for the BoD to continue as is, if there is nothing for shareholders, as it will demonstrate a complete lack of confidence in their abilities, and seeing some institutions offloading illustrates that.

There is little doubt to me at least that GC was backed into a corner both with Amerisur and Ironveld, and had to act in the manner he did, but it will not put the genie back in the bottle if its suggested to a major holder that they did what was asked and that's it, carry on as 'normal'.

I also expect ONGC, Occi, and quite a few others have expressed interest in either acquiring the company or its assets, but again if there's nothing to throw to shareholders both holders of large numbers of shares and smaller numbers, then it is tantamount to a vote of no confidence.

The assets and the potential of this company are absolutely massive, but the ability to mobilise and exploit these assets are now becoming more questionable.

However, GC has the knack of pulling rabbits out of a hat, well certainly at AGM's, as otherwise they would never get resolutions passed, but it can no longer be a ride to good salaries and options for not achieving targets, or when targets are achieved, being rewarded with extra options for achieving something that should have been part of the job in the first place.

I must admit to being concerned at what seems like a lack of progress once again in drilling assets, or the much delayed reporting of news on wells after they are drilled, which whether we believe it takes place or not, does allow for the potential of insider trading.

In the past though delays which caused much criticism have then been followed by either a very good acquisition or deal, but sooner rather than later shareholders must be rewarded and if they can't with the existing board then someone else will be necessary, as a Board whose function may give the impression wrongly or rightly that primarily its self congratulatory accompanied by good salaries and options, will not cut it for much longer, especially if a holder of a larger number of shares, then gets support from others if this process does not result in a substantial change that benefits shareholders.

I'm happy to keep holding, as the assets are so compelling, but if the BoD do not seem capable of exploiting these assets for the benefit of all holders then I do not think some of the larger holders will allow their tenure to continue.

[quidnunc] 28/8/2019 09:51

Well the 16th has come and gone without incident and I suspect MP have walked away because they discovered it wasn't going to fall cheaply into their hands. No other contenders have emerged in the meantime and there's lots of weaker fish out there to tempt themSo now we await the outcome of the boards strategic review. Q

[11_percent] 28/8/2019 09:18

A few weeks ago, I re-posted a post of the Time Table for the takeover, see below. I was told this did not apply because there was a dispensation in place.

If we are not running to the Takeover Panel rules, can anyone tell me what rules time line apply, or what.

=================


TIME TABLE
1. M&P announcement is not a FIRM OFFER under Rule 2.7 of the Takeover Code so M&P now has 28 days either to announce a firm offer or walk away. (TAKES US TO END OF AUGUST)
28 days from 19th July = 16th Aug.

2. They ANNOUNCE A FORMAL OFFER : they have up to 28 days to post FORMAL OFFER DOCUMENT to shareholders. (TAKES US TO END SEPT)

3. Day Zero - POSTING OF THE FORMAL OFFER DOCUMENT SETS CLOCK TICKING FOR TAKEOVER TIMETABLE
4. Day 14 - latest date for Amer send its first defence documents to share-holders
5. Day 21 - earliest closing date for acceptances of M&P offer
5. Day 39 - last date for Amer to publish material new information (OCTO-BER/NOV)
6. Day 46 - last date for M&P to send out a revised offer document (NOV)
6. Day 60 -midnight; latest time for Offer to be declared unconditional ...unless Panel grants an extension (NOV)

My point is that all you peeps should relax a tad and let this thing play out. Assume that M&P will launch a formal offer and watch others come on board, so this will run into the Autumn if we just get one formal offer and longer if we have others jump on board.

[xxnjr] 27/8/2019 13:56

sji,

fair warning was given by al101uk in his very useful 'disclaimer' at the top of this page:-

"Risks
Serious flaws in Corporate Governance/Remuneration.
Historical - Unending wait for pipeline, Multiple Plat issues not communicated effectively (Wax, production, shutdowns)
Large seller not clarified for a prolonged period of time.
2018 drilling program didn't happen with little to no explanation."

so it's hardly a surprise. And one always has the option to sell if unhappy with the BoD, or not buy in the first place!

stopped raining now. I'm off out on the MTB!

[sji] 27/8/2019 13:34

xxnjr - Very funny. OK, so go blame the operator now. As usual, always with excuses. One of the LTI over here wrote a very long post (which was then voted up by so many posters) claiming that our John Wardle was an essential asset in the success of CPO-5. So, now you're telling me that he has no say whatsoever in deciding when to proceed? So, how come he is an essential asset in the success of CPO-5?

And then, seeing that you are blaming the operator for the delay in spudding CPO-5, what about the other wells which had to spud where AMER is the operator? Definitely, in that case, it cannot be the operator's fault, is it?

Last year, AMER had to drill up to 12 wells, can you tell me how many wells were drilled?

This year, we were promised up to 14 wells, right? We're 2/3 of the year and to date, we drilled 3 wells, right? Do you still believe that we will drill another 11 wells by end of this year? I am really looking forward for the excuses why we will not drill so many because it's definitely NOT our BOD's fault that they never keep to their promises, is it?

[xxnjr] 27/8/2019 13:02

Maybe they should use a 6th generation UDW drill ship to drill Indico-2.
Oh silly me - that wouldn't work as last time I looked the Sol-1 location wasn't under 1,300 ft of water, even with seasonal rains. Anyway blame the operator ONGC for the tardy rig moves!

[sji] 27/8/2019 12:46

So, Tullow/Eco (Atlantic) find oil on 12th Aug and promise to spud another well with the same equipment within a short period of time. Today, they announce that the drillship has moved to the next well and this was spud on 25th Aug - 13 days after the first announcement.

By contrast, on 29th July, AMER announced that the testing of SOL-1 well was completed and the rig will now move to Indico-2 well to spud. 30 days has since passed and yet, we have no news!

The problem is NOT that our board is inefficient and maybe even incompetent, but actually that you still find certain people over this BB who continue to defend their actions even though they (the board) has been taking them (the LTI) for a ride since the last so many years!

[king_baller] 27/8/2019 10:02

Traders have left. Private investors don’t want to guess what price will be bid next. Share price only slightly over what was an opportunistic low ball bid. People will be kicking themselves when the next offer comes in.

[kelotoni] 27/8/2019 09:45

Whilst underneath the dusty surface, bubbles a molten sea of expectation

[davwal] 27/8/2019 09:26

The tumbleweeds roll on gently by, driven by the languid breeze of antipathy...

[tyler durden1] 26/8/2019 19:29

But is it our oil? What’s happening with the 14 drills

[moneylender] 26/8/2019 18:55

I doubt very much we will get an opps update in September!

We are still transferring just over 4k bopd in Aug up to the 25th.

[yasrub] 26/8/2019 17:57

The last three days in the early 4000s.

[tommygriff] 26/8/2019 17:53

What the latest report saying in terms of daily barrels produced?

[tyler durden1] 26/8/2019 15:09

Yes but no excuse to keep shareholders in the dark about status of drilling, exporting others oil etc etc