Why did David Lenigas step down from Leni Gas & Oil Board today…from the Horse’s Mouth

Comments

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   wildrides

   27 August 2014, 11:40

   its a good move ……..those who dont “get” the taste of Marmite will come on board as well now . He is keeping his shares so that says a fair amount too.

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   Duck and Dive

   27 August 2014, 12:04

   His explanation tallies with what I have been told by more than one UK fund manager about steering well clear of any DL companies — but won’t he face the same quandary at UKOG and the other companies where he retains a Board seat?

   And I wonder whether LGO shareholders might be a tad apprehensive that he didn’t delay his resignation until after publication of the production figures from the first pad of Trinidad wells?

   I assume, since he hasn’t pre-empted the question, that he wants to sell some of his LGO shares – perhaps to invest the cash in UKOG or elsewhere – and that this will be less damaging to the LGO share price if he is no longer a director. Time will tell. (wildrides, he hasn’t said he will keep all his LGO shares.)

   Ironically, the markets seem to have soaked up today’s LGO news with equanimity (down only 0.7% as I write), whereas the do-nothing Polemos (PLMO) from which he also resigned (as non-exec chairman) has fallen by 26% on the news. I presume that’s because some Mystic Megs had invested in PLMO expecting it to benefit from a reverse acquisition of some other Lenigas play seeking a listing.

   Anyway, it’s all jolly entertaining. Lenigas IS good at that.

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   Alan

   27 August 2014, 12:36

   he must be v confident on hh.

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   wildrides

   27 August 2014, 22:12

   Diving Duck,

   from the RNS today Lemongas said :-

   “ I am committed to remaining a substantial shareholder in the Company for the long-term.”

   obviously it was water off a ducks back ;-)

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   Mark

   27 August 2014, 22:27

   Come on chaps, nobody willing to mention LGO’s lack of any production updates in Trinidad for over a year? Unheard of is this game, my guess is production done a “range” big time , they’ve withheld this info from the market and us punters for far to long, at least range admits in it’s quarterlies of the declines face in Trinidad, until major drilling starts the reversal, these new lgo wells will of course add plenty to production but a big shock is due when they finally admit they were producing less than 250bopd until these new wells are brought online. I’d bet big time on that. Ritson is doing with LGO exactly what he did with Solo, bullshitting/withholding the bad news, LGO releasing over 50 rns in the past year and not mentioning production figures, I know what’s coming, the market has overvalued LGO, short term 2p, 2years + should be a decent price, but the way this co is building itself is to smelly for me.

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   Mark

   27 August 2014, 22:36

   Sorry , forgot to mention my point, DL is distancing himself from the impending shit+fan production update, which year that will come out, I can’t be sure, they will probably give it a couple of months yet , enough time after DL’s departure to protect his other co’s market sentiment from the bullshit created at Lgo

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   wildrides

   28 August 2014, 08:41

   I agree the treatment of shareholders regarding production updates has been appalling . However DL stated his ambition was to take LGO to 1000 bopd and that he had now achieved that , so we an only hope that is true at this stage .

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   wildrides

   28 August 2014, 08:47

   From the RNS :-

   David Lenigas, commented:

   “The original objective of LGO was to create an oil production company with over 1,000 bopd and the Company is now poised to significantly exceed these original expectations as new wells are drilled and come on to production from the Goudron Field in Trinidad. The recent success of the Company is a source of great satisfaction to me, and indeed should be to all shareholders, and I feel confident that this is an ideal time to hand over the reins to a larger and very experienced Board of Directors who I know will continue to drive the Company’s strategy forward. I am committed to remaining a substantial shareholder in the Company for the long-term.”

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   Duck and Dive

   28 August 2014, 09:26

   wildrides, your quotes don’t help you. DL hasn’t said he is going to hold on to all his shares – that’s just wishful thinking on your part. He did say he was “committed to remaining a substantial shareholder” – but that gives him licence to sell a lot of shares and still retain a substantial holding.

   Nor did he say he has achieved his LGO ambition of 1000bopd. As you quoted, he is optimistic that 1000bopd will be exceeded “as new wells are drilled and come on to production” – but that’s a different kettle of fish.

   If you need any help in how to spot RNS spin, see Tom’s upcoming new book: “The Black Art of the RNS or How to Get Away with Murder on AIM.”

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    wildrides

    28 August 2014, 14:10

    Dive and duck

    its you who needs help sir .

    the RNS said “poised to significantly exceed “ which means more than 1000 bopd not reach bopd.

    lying in an RNS would have Tom down on his mate and I dont think DL would risk that . Be a cynic if you like, but sometimes it pays to trust a mans word . For all his faults David is not a Bill “walmart “ Keller .

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    nigel somerville

    29 August 2014, 09:23

    Obviously with so little to do DL getting bored. Hence this:
    http://uk.advfn.com/news/UKREG/2014/article/63402993

    There, that’s better. An investment company to run.