There are generally 4 main reasons CEOs depart effective immediately ahead of an important result.1: Medical (Hopefully not the case)2: Bigger Shareholders demand the Board remove them for a strategic reset.3: CEO has seen the light at the end of the Tunnel and realised it's a train. 4: They're fed up dealing with the sh*t involved in being a CEO of a small cap explorer in a market with no capital available. |
I think it was standard format. Pretty much what anyone would say about their colleagues, to be honest.What is needed now is revenue. |
At least the incoming CEO had this to say in today's RNS
"Deltic has the potential for a second major discovery at Selene where drilling operations are ongoing." |
 In my view this is a good RNS as cost cutting was required plus a new much more sharper perspective on the way forwards....
Andrew Nunn comments:
"Graham has led Deltic through some of the toughest and most volatile times I've ever experienced in this industry. Our small team has delivered what would have been, at any other time in the industry's history, a company-making success with the Pensacola discovery. Deltic has the potential for a second major discovery at Selene where drilling operations are ongoing. Our progress to date has been carefully watched and recognised by our industry peers. We anticipate shortly announcing a series of measures to reduce the Company's overheads. It will then be our job to capitalise on that hard-earned reputation and credibility as we look further afield to find value for shareholders. The initial focus will be on identifying and accessing those opportunities which deliver immediate, or very near term, cash flow while we incubate those high-impact exploration opportunities that will always be part of Deltic's DNA." |
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources
Chief Executive Officer Change/Succession
Deltic Energy Plc announces that Graham Swindells, the Company's Chief Executive Officer ("CEO"), has informed the board of his intention to step down as CEO, effectively immediately, and that he will be succeeded by Andrew Nunn, the Company's current Chief Operating Officer ("COO").
Andrew joined Deltic in 2014 and has been COO since 2015. Andrew is a geologist with over 25 years of experience working on exploration projects across Europe, Africa and Australasia. In his role as COO of Deltic, Andrew has led the successful development of the Company's exploration portfolio and has been instrumental in securing licences and multiple farm outs to world-class partners. Andrew was also key to the origination and maturation of the Pensacola discovery and the Selene prospect, where drilling operations are ongoing.
Mark Lappin, Chairman of the Company, said:
"Graham will leave with the profound thanks of the board for his commitment and contribution to Deltic over the last 11 years, initially as CFO and more recently as CEO. Under Graham's leadership, Deltic was transformed into a company with an attractive portfolio of licences along with world-class partners, positioning it at the forefront of UK exploration. I am delighted to confirm Andrew's appointment as Chief Executive Officer. The combination of his experience, knowledge and commercial acumen makes him the ideal person to take the business forward."
Commenting, Graham Swindells said:
"Despite the recent challenges presented by the UK's political and fiscal environment, I am proud of what we have achieved in establishing Deltic as one of the UK's leading explorers. As the team seeks to extract the maximum value from the existing UK asset base and rebuild a portfolio focussed outside of the UK, now is the appropriate time for me to hand over the role of CEO to Andrew who I have had the pleasure of working alongside for the last 10 years and believe is an outstanding successor."
Andrew Nunn comments:
"Graham has led Deltic through some of the toughest and most volatile times I've ever experienced in this industry. Our small team has delivered what would have been, at any other time in the industry's history, a company-making success with the Pensacola discovery. Deltic has the potential for a second major discovery at Selene where drilling operations are ongoing. Our progress to date has been carefully watched and recognised by our industry peers. We anticipate shortly announcing a series of measures to reduce the Company's overheads. It will then be our job to capitalise on that hard-earned reputation and credibility as we look further afield to find value for shareholders. The initial focus will be on identifying and accessing those opportunities which deliver immediate, or very near term, cash flow while we incubate those high-impact exploration opportunities that will always be part of Deltic's DNA." |
With immediate effect would suggest it wasn't planned... |
Seems odd Swindells should jump ship with the Selene result imminent |
Interesting development.Graham Swindell resign, and Andrew Nunns new CEO and hinted for 2nd major discovery at Selene |
Re: previous post |
Ironically the rig is heading to Pensacola next!Timetable still fits with finding something worth logging, sampling & possibly DST at Selene.hTtps://www.upstreamonline.com/exploration/shell-close-to-completing-closely-watched-uk-exploration-well/2-1-1721904 |
If it's oil, it will rise slightly, then drop back to where it is now. It will then fall again.The company needs a steady strong revenue and it's ot really worth a buy out to anyone.The only hope was in legislation, granting further licenses and lowering the tax to aid commercial viability.Sadly, I hate to admit it because I am knackers deep, but the future is grim. |
Pretty binary. Dry hole and it's a zero. Commercial and certainly over 10p. |
Yep. Not long now. Price up to around 8p pre-update perhaps? Depends how leaky the news is. |
71 days in to the 90 day fc drilling period at Selene. |
Most oil and gas companies are up. |
Nice to see some rationality in the Share price here .
Pre drill result I'd expect to see around 7p .
All IMHO .. |
Hmmm..
Gas prices have jumped in recent weeks ahead of the cooler weather, with UK natural gas up almost 20% since a low in mid-September to 94.36p per therm on Tuesday.
Thats over 70$ per boe if my maths is correct .
We live in strange times when we dont want to encourage gas exploration in this country. |
Why sell after all this time unless you did know something
Biggest North Sea find in decades given away then have to pay almost 2 million quid for the privilege
You couldn’t make it up!! |
Unbelievable
The bod need the boot |
Does Richard know something we don't? |
Pigs might fly! 😉
Not that I'm expecting that given the 70% CoS and also I think it's too early for anything newsworthy to have leaked anyway. |
If bad news comes, Sneller needs investigating for sure ! |
Indeed .
This would have bounced even more today but for that 6m overhang having to be absorbed .
Bizarrely having completely exited a fairly large position in April after the results (as I posted here at the time) at circa 35p as I remember.I now find myself with the same position at an average of 5.6p.
I'd no intention of doing this but there is nothing in the price today for a success case at Selene which back in the day was always worth more than Pensacola.
This is a non stranded asset unlike Pensacola with a success case of 15mboe net to DELT on a 70% COS.
Cannacord have basically valued this at 5$/boe .
Its gas of course but even if you halve this its worth £30m to DELT.
You can keep derisking because its a binary bet here for sure but this is as good a punt as I've seen in a while.
DYOR and all IMHO. |
Well isn't getting fully tested as per earlier RNS. So with the rig there till the end of October I doubt they'll be at the logging and sampling stage yet. It'll surely be Sneller going from 9.9% to below 3% and maybe even out fully. |
My understanding from yesterday drop is, if there is any news leak, then drill result likely on Monday. If there is no news on Monday, it seems all is well, and they have moved to next stage, testing of wellYesterday drop could be result of 6m sell order, and nothing else. |
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