Global Petroleum Share Discussion Threads

[monkey puzzle] 29/7/2013 12:26

"they each own £2 million worth of shares"......how did they get that?

[bam bam rubble] 29/7/2013 12:25

Monkey Puzzle, the notion of a money grabbing Board of Directors is applicable for most AIM companies but here there's only 1 director on a good salary, paid maybe £120k too much imo;

CEO and sole exec: Peter Hill : £220k/year plus 12% pension contribution
Chairman(Non-exec) Peter Taylor: £27k/year
Non-Exec Director: Peter Blakey: £27k/year
Non-Exec Director: Peter Dighton £18k/year (plus 9% pension contribution)
Non-Exec Director: Damien Cronin £18k/year (plus 9% pension contribution)

re: Messrs Taylor and Blakey, they each own c.£2 million worth of shares so their interest here is in the share price rather than their token non-exec salary

[acamas] 29/7/2013 12:24

They will hold a Plan B if somebody else strikes in Namibia first but failing that then this share remains on the sea bed fast asleep

[monkey puzzle] 29/7/2013 11:57

Ert,

Not like you to make a post like 4556.....sorry if this is getting to you but look at the reality here...it's smoke and mirrors here and a very convenient, very long term so called plan that just stretches out endlessly ensuring the board here can milk the cash pile for as long as it suits them. If they get lucky in Namibia then you will have been right all along but even this lot have finally admitted that they don't have a clue what else they might do instead...ie they don't have a Plan B. How lazy is that?

[p1nkfish] 29/7/2013 11:37

The cash is a comfort blanket covering up a lack of a business so directors can sleep at night. Wind up and give back to the shareholders that which belongs to them and the directors can then find something useful to do.

[monkey puzzle] 29/7/2013 10:36

Ert,

Must be a few stale bulls who have had enough of this so called management by directors here who are happy to take fat salaries in return for doing sweet FA....enough cash there to keep them happy for a while yet and the falling share price means nothing to them.

[ertugrul] 29/7/2013 10:31

FFS. who the hell is selling at these low prices

[ertugrul] 29/7/2013 07:15

Madagascar is going to be our active operation soon.

[p1nkfish] 29/7/2013 05:29

They need to make this a business. Currently it is not so.

[ertugrul] 28/7/2013 22:09

Pinkfish - I don't agree with your post. Board and CEO very professionals people. They are making carefully calculations. I am assured with that when I spoke to someone close to the Company

[ertugrul] 28/7/2013 22:07

BBR good to hear you are holding shares.

[p1nkfish] 28/7/2013 21:25

They need to make this a business rather than a cash account. It's starting to look like they are paralysed with fear or just don't know how to achieve what they say they want to.

[bam bam rubble] 28/7/2013 20:33

It can't be as high as that as management forecast a spend of $0.86m for Q2 plus there was a big currency move against the Aus dollar during the previous quarter. Besides at the current exchange rate your A$22m estimate equates to £13.2m or 6.6p per share.

[ertugrul] 28/7/2013 19:49

BBR just a simple question to you.Are you currently holding any GBP shares?

[ertugrul] 28/7/2013 19:42

I estimate the cash around $22m plus. 7p per share.

[dontshootthemessenger] 28/7/2013 18:40

there are companies with de minimis amounts of cash which are valued at multiples of their net cash even in this market

that GBP is valued at a DISCOUNT to cash in an environment in resources stocks where 'cash is king' is a damning indictment of the Management

they should demonstrably add value or be sacked

[bam bam rubble] 28/7/2013 18:21

That figure looks optimistic, my notes show the following;

A$21.7m /£13.0m cash at March, with quarterly forecast for the June quarter as follows;
-A$0.6m admin costs
-A$0.2m exploration

To which sale proceeds, interest, and currency loss on the existing balance can be added;
+A$0.1m interest (estimated)
+A$0.5m sale proceeds
-A$0.1m currency loss (estimated)
=
A$21.4m /£12.8m (6.4p cash per share)

[ertugrul] 28/7/2013 16:52

Quarterly report coming this week, Wednesday latest. We will see the actual cash balance. After the US asset sale it should be close to 7p per share

[ertugrul] 27/7/2013 08:37

I cant compete with Bbr m8 :)

[ohisay] 27/7/2013 00:29

BBR 1 Ertugrul 0.

[p1nkfish] 26/7/2013 19:48

Mmm, agreed. Often a thought provoking post from bbr.

[ertugrul] 26/7/2013 19:20

BBR I have no idea. Why did you ask?

[mining maven muppet] 26/7/2013 17:47

Always worth reading BBR's comments even if you disagree

[bam bam rubble] 26/7/2013 17:25

Patrick Cross's holding arose via an asset sale some years ago.
Thanks for the other comment.