Global Petroleum Share Discussion Threads

[jimarilo] 27/2/2018 15:50

Tharg, seems funny how yesterday was the first time posting here on GBP and your first post on ADVFN since 1st September 2017

All of your previous posts, like now, were all De-ramping

Obviously paid to do so imho

[yesyesno] 27/2/2018 15:38

Seems a hell of a long time since these sold their share of FOGL.

Where did that money go, what was it $25m

[neo26] 27/2/2018 15:18

What are they doing? They said cos dramatically increased and when cpr came out it was a meagre 10%.Was he joking with those rns's...

[thaaarg] 27/2/2018 14:34

Hill's rake off is high for a company the size of GBP, so much so he won a coveted Brass Balls Award in 2014!:

02 . 11 . 14

PRUFROCK

OLIVER SHAH

Boss strikes it rich without oil

It’s time to unveil the latest winner of our Brass Balls Award for executive compensation.

Step forward Peter Hill.

The Oxford-educated-lawyer-cum-oil boss runs an exploration company whose name you probably won’t know — Global Petroleum.

Despite its expansive name, the London and Sydney-listed outfit’s operations are confined to a licence in Namibia that it has not drilled, a minority share in a field off Mozambique and, of course, a head office in Berkeley Square, Mayfair. Since Hill, 58, the former deals supremo at Norwegian oil giant Statoil, took over in September 2011, Global’s shares have plummeted by 80%. As of Friday the company was worth only £5.7m.

Despite its diminutive size, in the past three years Global has paid Hill £750,000 in cash and handed him £270,000 in options. Given the lowly share price, these won’t be paying out anytime soon. In the meantime, the company has burned through £4m in cash and generated negligible turnover. Global’s chairman, John van der Welle, said the board was “absolutely behind Peter”, before adding: “Our message is, bear with us. It takes time to find the right deal.”

Don't it just!

[thaaarg] 27/2/2018 13:11

The holders of the 40%+ (Blakey and Taylor) aren't paid as such, but they each pick up $44,354 Directors Fees as "Non Executive Directors".

For doing what exactly is anyone's guess.

Managing Director and CEO Peter Hill on the other hand, their only paid employee, was paid $320,890.

Add in $12,226 for Superannuation Benefits and Free share Options of $13,788 means he cost shareholders nearly $350,000 in 2016/17. Yep, $350,000, or £250,000.

Oh, and he was also a founding member of Jupiter Oil as well as Blakey & Taylor!

A quick Google of Peter Hill is revealing - and I thought it was just me that was a critic!

All figures (US $) are from the Annual Financial Statements. You won't find this readily available on the GBP website along with many other financial documents - I had to retrieve it from Australia ASX. Probably unintentional - many of their website pages are way out of date - they can't even keep an eye on that.

Anyway, annual cash burn to 30/06/17 on Salaries and Administrative expenses was $1.460M and net cash was $6.081M @ 31/12/17, so they have four years left on the gravy train in lights out mode.

Unless of course they do indeed "put up and shut up" and land a farm out.

We shall see.

[yesyesno] 27/2/2018 10:16

No buyers or sellers only trades, MMs profits on trades so why would they sell stock cheap then they have bought if they knew the price is going up. They wouldn't it's called a market for a reason and if you bought something for 2p and were told it was going on sale somewhere else at 1p you would reduce price and offload all you can down to 1.1p you would have to it's as simple as that.

[neo26] 27/2/2018 10:01

Yes two directors own over 40% of company, you have to ask yourself what has the company done in last 5 years, they had ample of cash which is burning quick.These guys made more in wages than the shares they own I'm value..Imho

[jimarilo] 27/2/2018 09:45

Not so sure

MMs are happy to buy in size, but not to eager to let them go

Could there be, dare I say a buyer ?

[yesyesno] 27/2/2018 09:27

Seems they are likey fishing in the market for funds, share price will fall to the offer they are making to institutions on the back those are linked to the market makers.

[jimarilo] 27/2/2018 09:08

No I am not worried, the BoD already hold 40%

Something worth hearing later

Prospect Forum Tuesday 27 February (11:40)
Duncan Wallace, Chariot Oil and Gas
"Drilling a Key Structural Test of an Emerging Play, Walvis Basin, Namibia"

Chariot also has a conference call 11am this morning

[neo26] 27/2/2018 09:00

Are you not concerned share price falling bod not doing nothing just filling pockets.

[jimarilo] 27/2/2018 08:53

Far from capitulation

Just tried a dummy sell and could sell my complete holding, in one hit at the current ask

[neo26] 27/2/2018 08:34

Capitulating... wtf

[jimarilo] 27/2/2018 08:01

On 19th January the company announced Stellar had been appointed to commence the structured farm out process

According to the Stellar a first offer can be 8-10 weeks into the process

So it is possible to have news next month

[thaaarg] 27/2/2018 07:31

lol, I better buy some more then.

[emptyend] 27/2/2018 00:44

Re the 3D, that is the object of the present exercise. Far too early to tell who will pay what for it. Tullow's well will add to the regional dataset, whatever the result of it. That will either support the case for the Gemsbok interpretation or it won't. If those who inspect the dataroom also think Gemsbok is a bn+ bbl prospect, I'd suggest that they will want to be positioned to take swift advantage - so I'd guess a farmout is most likely soon after Tullow spud.

[jimarilo] 26/2/2018 20:49

Tullow bags Ocean Rig Poseidon drillship

"Offshore drilling contractor Ocean Rig has signed a new drilling contract with Tullow Namibia for a one-well drilling program plus options for drilling offshore West Africa"

[jimarilo] 26/2/2018 20:47

Tharg, guess you are quite wrong

OMV & Murphy farmed into Cowan Oil & Gas Namibian prospect in 2014 on the back of 2D seismic



The CPR is based on much more than, just 2D seismic, it also includes well data. The nearest being Repsol's Welwitschia-1A, 60 clicks east of Gemsbok



Global's prospects are back to back with Repsol, who will no doubt know more about the prospects than yourself, time will tell

[the_boy_plunger] 26/2/2018 19:51

unFortunately, this going wrong way.........

low formed(?) with UP pifots to break....

[thaaarg] 26/2/2018 17:41

Ah yes, that'll be the additional 2D data shot last year.

Additional that is to the historic 2D data on the same block they inherited on acquisition from Jupiter Petroleum in 2011.

It is also additional to the massive and expensive 2D data acquisition they initiated later in 2011 AFTER they bought Jupiter Petroleum.

The CPR was based on 2D data - loads of 2D data. Share price has fallen since its release, which tells you all you need to know about the additional insight it provides.

No company will farm in & drill this type of play on 2D data alone...and no company appears to want to pay for 3D data that GBP should have acquired years ago instead of making dubious business decisions and overpaying its comatose Directors for so doing!

There is too much baggage with this Company.

They are the laughing stock of the sector.

[jimarilo] 26/2/2018 16:24

Additional data has been aquired and reavaluated since then, hence the recent CPR

Do keep up ;-)

[thaaarg] 26/2/2018 15:26

Unfortunately GBP's acreage doesn't appear to interest anyone.

It's also worth remembering how Global Petroleum acquired the acreage back in 2011......they bought it from the two main directors of.....Global Petroleum! (Taylor & Blakey) who owned it privately 50/50 via Jupiter Petroleum.

By way of contrast and notwithstanding Chariot's predicament, BP spent £50M on 3D seismic acquisition on Serica's (SQZ) Namibian block with a view to farming in a few years ago. They walked away. SQZ still hold the acreage, and are still seeking a farm out on their very extensive 3D data.

So, with that in mind, coupled with and the laughing stock reputation of the Bored (NON sic) of Directors, why would anyone buy shares in GBP?

[jimarilo] 26/2/2018 10:57

I think the drop is because it would seem maybe CHAR didn't get their farm out deal and had to do another placing

I would read that as a positive here. There has been a few deals of late so we know there is an appetite and GBP may be a better proposition risk/reward wise than CHAR

Buying opportunity imo