Global Petroleum Share Discussion Threads

[emptyend] 29/12/2015 09:41

........curious to see the share price drifting off with the rest of the market when the terms of any deal for cash seem likely to be getting better and better....

[emptyend] 16/12/2015 22:08

Yes you would be right about that IF it continued for a year or two. But if it continues for much longer than that then the cash per share will fall and the value of ALL their shares will fall too.
It is my view that this is a relatively short-term measure (3-6 months perhaps) intended to preserve the cash and give a little extra juice to a deal. I can live with that if it helps/incentivises them get a decent deal early in the new year.

[hugepants] 16/12/2015 18:22

emptyend, My mistake, not performance based. However these awards were supposed to be discretionary. I think my point is this arrangement is worse for shareholders than if the salaries were completely paid in cash as before.

[emptyend] 16/12/2015 18:10

It certainly wasn't "supposed to be based on performance". It was simply taking 25% of compensation in shares, so as to preserve cash. As fully disclosed previously.

You might argue that some of the comp numbers are high for what has been delivered in recent times, but I'll suspend judgement on that for a few months yet....

[joestalin] 16/12/2015 14:03

Now do you believe that these people are crooks?

[hugepants] 16/12/2015 09:47

It was supposed to be based on performance!

[ohisay] 16/12/2015 07:52

It's as expected see item 7.1.

[hugepants] 16/12/2015 07:25

I can't beleive they've done this.

[sawney] 17/11/2015 07:45

Board WILL BE highly selective as to opportunities

Still optimistic....?

[emptyend] 12/11/2015 20:41

Couldn't be bothered to count, sawney. Though its only 3-4 years since I sold most of mine at 23p before buying them back just recently.My point is this: they have been picky for good reason....and in fact that has worked out far better than they might have hoped, thanks to the oil price collapse - better than hoped because $12mn of cash would get them assets that would probably have cost them $35-40mn a year or so ago. So, whether by accident (probably) or design, it has worked out well for them so far - but they are getting very close to the time when they really must either do an oil and gas deal or do something else entirely (such as giving the company cash back to shareholders, including their own 40+%). They surely won't see much better terms than they can get at the moment......

[sawney] 12/11/2015 20:05

and point to the lack of deals over the last two years

...just the two..?...please don't say Italy...

I'll be amazed if they don't get something done very soon....

"Potential" is not a word I would associate with "very soon"

[emptyend] 12/11/2015 18:05

Nice little rant - but complete nonsense, however much the retail herd might delude themselves as to its truth.The fact is that directors own over 40% of the shares and have recently commuted 25% of their salaries into yet more shares.They have never had such a big incentive to get value-added deals done. And there has never been a better market opportunity to get such deals done on good terms.Of course it is really really easy for people to carp from the sidelines, and point to the lack of deals over the last two years. But if they HAD done a deal a year or two ago, where do you suppose the market would value such a deal now? And remember, some years ago the cash that the company still sits on came from baling out of FOGL at about 140p........as compared to where is trades today - which you can all see for yourselves.I'll be amazed if they don't get something done very soon....

[bam bam rubble] 12/11/2015 16:24

If they dropped the license GBP would revert to an investment company with 1 year
to do a deal or lose the listing, shareholders may then act to windup the company
and divvie out the cash (so no more paycheques and consulting fees for management)

Happily, this extension allows the Board to continue banking their paycheques for
another two years without need for any corporate activity. Several million a year
will unfortunately have to be spent on pointless ongoing seismic work in Namibia
but as long as there's enough left for the paycheques that doesn't really matter.

[sawney] 12/11/2015 16:16

"Whilst we continue to seek potential new opportunities

Move along, nothing to see here.....

[emptyend] 12/11/2015 07:30

Helpful piece of news this morning, which means that the licence commitment in Namibia is reduced to "option money" in relation to a modest seismic programme.I'd see it as an important part of pre-deal deck-clearing, with next week's meeting being (probably) the final hurdle.

[chinahere] 10/11/2015 17:56

This share is so illiquid that it is hard to shift even small amounts. Some of the trades recently have only been for around £50.

[olieslim] 30/10/2015 09:57

Q3



For maps, please click on, or paste the following link in to your web browser, to view the PDF file:

Zzzzzzz...




Total cash at end of quarter (item 1.22) US$ 11,935m
Ordinary securities 199,444,787

---> 0.0598 US$/share
---> 0.0390 GBP/share

Estimated cash outflows for next quarter
$US'000
4.1 Exploration and evaluation 142
4.4 Administration 455
Total 597

[emptyend] 30/10/2015 07:53

Yes - that has been what they have said for ages and ages. I'd be surprised if we get more than one more of those.....

[sawney] 30/10/2015 07:10

However, the Company remains extremely selective regarding the quality of assets it would consider investing in, and the terms of any such investment.

....says it all really...:-(

[olieslim] 29/10/2015 10:38

Well, found the offer yet?

[olieslim] 27/10/2015 10:51

Maybe they funnel the shares to and fro the Aussies. There's different hours there.

Or maybe the bid only exists on the lse and the ask only overthere?

;-)

[emptyend] 26/10/2015 11:51

Anyone tried to do any business on the offered side at 2.50? It doesn't seem to exist - at least there is no online market with my broker.

[olieslim] 26/10/2015 10:17

Delayed trade, from when?

09:49:42 2.9 506,465 OK

Global Petroleum Limited GBP 2.90 +0.65 (28.89%) 575,465.00 2.25 2.9 2.055

2.90.65 (-8%)
Bid / Ask 2 - 2.5
Open 2.055
Vwap 2.15
Prev close 2.25
Volume 575,465
Day range 2.055 - 2.9
52w range 1.50 - 3.00
as of 09:49:42

[emptyend] 26/10/2015 10:15

£17k isn't a massive amount of cash - but it is a sizeable trade in relative terms....it is also a tad more than 0.5% of the free float....