UK 21:03 Monday, 21 September 2026
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Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
There is still an opportunity to settle the future of New World Oil & Gas (NEW) like gentlemen. That is unless current Chief Executive Peter Sztyk gets his way. Having just lost an hour of my life to the company’s futile shareholder call, it is quite clear that Sztyk is the only man in the room who cannot see the game is up. To his credit he fielded some of the more difficult questions he was sent, though ducked the most challenging ones. Despite this, his answers were highly unsatisfactory. Sztyk claims he has a mandate from his shareholders to pursue the company’s interests in Belize. That is complete balderdash, as he knows full well.
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Comments
Abdiel
Fucng disgraceful behaviour by the BOD. “I’m getting kicked off the gravy train, and im taking you unappreciative shareholders with me.”
Alan Mills
Ben,
The indication they were going to drill a well is clearly indicated in their RNS of the 1st September 2015.
They are an exploration company afterall, so investors in same should expect them to drill a well, surely?
No management just hands over the keys to someone else, and IF they strike oil they would of course be justified in their decision.
You surely didn’t expect them not to defend their position without a fight?
If you get the company,I suspect the treasury will be somewhat depleted, and you will have to work to make it a success, it won’t be handed over. I suspect you realise that now.
By threatening them with your group, you have put them in a cannot lose situation, so they are going for it, and you probably would in the same circumstances.
The losers of course will be the shareholders, as always.
Quite why people persist in investing in AIM listed companies is beyond me. All the rules are stacked against shareholders, and management get fat salaries.
Ben Turney
@Alan – You misread the situation when you say they have nothing to lose.
The company has previously declared it will pursue a well in Belize if it can secure a partner to co-finance it. While we can’t rule that outcome out entirely, they have a very short period of time to achieve this, in an horrific macro environment.
Perhaps someone will put the money up, but if the company proceeds with the well on its own, with its limited available finance, ongoing severe weakness in the oil market and the high level of shareholder resistance to this, it would be grossly negligent for the company to proceed on its own.
I wonder how many of the directors would be prepared to take this personal risk?
RAF118
How some people are declared fit to run a listed company is beyond me.
The jokers need to get the order of the boot and never return to AIM.
Tom – how you keep reporting on these things I have no idea, it must be like sweeping snow!