LGO Energy Share Discussion Threads

[thenorth] 11/5/2017 08:59

Sensible and balanced post that John... are you tempted to join the holders in holding some stock?

[thenorth] 11/5/2017 08:52

He has already sent one of his team out to Trin with a view to increase production... I think news will come faster than you think...

[onceatraders] 11/5/2017 08:37

It is about time!

I see yesterdays news as a huge positive for LGO going forward. Mr Ritson has been a liability for the company for the last 18 months. You would only have to look at the historical shareholder wealth destruction for the time he has been in charge of capex spend and dilution. It is an absolute shambles, setting aside the oil price decline, the rest of the events leading to the value destruction is down to NR and his team. The use of LWD tool is not required at these shallow depths of drilling, it is simply a luxury that has cost the company its current market cap depletion x 4. The rush to drill, and not to wait for the results, showed a lack of CEO quality and prudence. Spain went on for far too long, before being cut from the portfolio of assets, whilst G+A costs have never really been controlled.

Now I see the once largest shareholder, Mr Lenigas is looking for an revolution. I do not think many shareholders will fall for his arrogant rambling anymore. Where was DL when shareholders were being hit by a news blackout, and continued dilution. He is as responsible for the destruction of wealth, as much as NR.

I like this new executive chairman, he looks to have already instigated a company wide assessment and review. He will need to get rid of some dead wood, and under performing mid management. The worst performance after NR, will probably be Alex Almandoz and Mr Jenkins, the former has made a lot of money out of LGO at Goudron. His Altech rigs have been sub contracted to LGO for years, even though he was a employee to LGO.

I predict after LEO has reviewed the assets, he will find that Goudron is and will never be profitable (capex to bopd to IPSC). The one sided IPSC just does not have enough margin for the operator, and this is more of an impact at these oil prices. I believe Cedros will in time become the main asset for the company.

After so many years of mismanagement and huge increase in shares in issue, it will take time for an recovery. But for LTH's, they have now been given a life line, it will be a slow process, but nevertheless it now has potential. Once you have got rid of fools like freeasabird from these boards, serious investors may start taking positions.

I wish you all the best.

Best regards

John

[pugugly] 11/5/2017 08:28

"Frying pan and fire" come to mind !!!!!!!!!!!!

[dodge city] 11/5/2017 08:22

I don't see anything happening here for a few weeks until the new guy gets up to speed.

[temmujin] 11/5/2017 08:15

shame...all what he has done..ungrateful barstards!

[nexus7] 11/5/2017 08:05

From in4cedros Today 07:43
-------------------------------------

RE: No sign
Free - SEY - Sterling Energy- Leo's 3 day a month job.

[nexus7] 11/5/2017 08:03

From in4cedros Today 00:41
-------------------------------------

RE: No sign

mumbles356 - just noticed your post of 11:30 Tuesday whilst catching up with 2 days of posts.

Had to attend the meeting today to ascertain if Leo wants me to switch allegiance from Neil to him - he told me how much he welcomed my support for the company - mind you I'm not sure he was too impressed by my efforts to fund raise from SEY in one of my questions to him!

I welcome the idea that fresh eyes are being cast over the economics of LGO and that a new man can be brave in plotting a new course for the company but he has to maximise the assets we already have and that wasn't clear from the answer he gave to me on Cedros deep drilling development. Fortunately there are knowledgeable board members who can brief him on these matters and I was assured in my post meeting chats with 2 neds that they understood the importance of Cedros development particularly in view of the $1million plus we are COMMITTED to paying BOLT.

The work of neds is often unnoticed by the shareholders and I'm able to report that Michael and new boy Gordon were actively involved in the arrangements to bring about the changes announced today.

BTW I also spoke to Neil post meeting about Spain and he assured me he will also be working to maximise value on that deal on behalf of LGO - as Leo is looking at everything with a fresh eye it's unclear what his long term view will be - I put it to Neil that Leo's comment about Spain being a drag on resources suggested he wasn't keen but Neil assured me the comment merely related to the current limbo position where LGO still have ongoing costs out there and no production - hope that helps LLL with his understanding!

BTW LayLadyLay I did take up the BOLT transaction with Neil and had to be careful with my phrasing - but you will be pleased to hear that Neil told me he would definitely not be appearing in Court over the deal!!

[temmujin] 11/5/2017 07:53

David Lenigas‏
@DavidLenigas

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LGO needs a full board spill after today's announcment. Passion has been lost. Bad! Back me and I want to take back control. Twitter me.



How many shareholders agree with big Dave?

[j284] 11/5/2017 07:42

So good that every link with Lenigas is being severed. The more distance we have from that balloon the better. There is now a real danger that this might be a company based on decent foundations that will benefit quite a few of us rather than what has happened here over the last few years. I'd rather burn my money than put it into another Lenigas company.

[brasso3] 11/5/2017 07:02

DLs poor command of English tells me everything I need to know!

LKs interest are aligned with ours. He will be targeting those 2p increments up to 10p to activate his options. At 10p most here will be in some profit.

[nexus7] 10/5/2017 23:34

Looks like DL is not happy, He lost "his" Co ???


DL Tweet
David Lenigas‏ @DavidLenigas 2 h

LGO needs a full board spill after today's announcment. Passion has been lost. Bad! Back me and I want to take back control. Twitter me.

-------------------------------
I think he is too late and did he backed LGO? See LGO share price

[thenorth] 10/5/2017 22:50

I wonder if the broker had input in this together with one or two major shareholders such as BigJ... I suspect LIND may also have stuck the boot in... Good appointment on the face of it but it's early days... like someone posted before where was DL when we were nearly bust... he reminds me of a Turkish Delight... full of empty promise... lol or was it eastern...

[sean spicer] 10/5/2017 22:40

The new guy is seriously impressive. It would appear he has been recruited as part of the recent placing.

It sounds like sour grapes from Lenigas who appears to have been out manouvred by a serious investor who may have come in as part of the placing.

[jcgswims] 10/5/2017 22:21

Judging by the rant he's going on now, I think he may have had a few..

[brumont] 10/5/2017 22:09

Thats an odd comment from DL, which begs the question, who recruited LK and how was it done without DL's input, given that I thought he is still a substantial shareholder...?

[jcgswims] 10/5/2017 22:00

Where was this offer when we were up sh*t creek and almost bankrupt? No thanks DL, I'd rather have a completely fresh start with Leo......

David Lenigas‏ @DavidLenigas · 35m35 minutes ago
LGO needs a full board spill after today's announcment. Passion has been lost. Bad! Back me and I want to take back control. Twitter me.

[jcgswims] 10/5/2017 21:52

From bigdouble

New management Today 21:10

Extremely impressed by LK's past achievements, he see's something in LGO worth persuing. By tweaking current wells he hopes to add a fair few barrels to what is currently being produced. Plenty of new ideas and realises funds at present are limited. Think the market within a short time will react very well to the appointment.

Whatever anyone thinks NR kept the company from going into liquidation, which now I understand was extremely close at one point. The falling oil price and a drill stuck was bad timing and bad luck. Was it time for a change, absolutely yes and NR knew that as well.

Time to get behind the new team and in my opinion 10p plus is not now a distant dream.