Only had a chance to read this now, the title of the announcement is a little understated and no price sensitive. Significant change, Chairman and CEO gonesky.
Done to business, it seems that this may have been the news in the pipeline when I spoke with Barry Smith. Hardmano, I read the same thing that you have said, that now that the dissenters have gone the door is open for consolidation. If ESG are pushing this then it seems that may have a script takeover on the cards? I would be happy with 5 for 1! However, Langusch brings a certain history to the company (as per what Ive written below) and as such Orion's $13M might be the prize to consolidate with another oil speccy, 3D Oil or we may see Orion Petroleum drilling in the North Sea soon? Im a bit suprised that Barry Smith and Bun Hung are gone considering it was ESG that picked them in the first place. Its also crossed my mind that ESG and Inglas have been reading our posts about a lack of activity. In the end I think this is what we the shareholders have been looking for, change and an improvement to the SP.
As for Langusch, I will have to do some more research on him, as I think his appointment should give us the best guide on where we are headed. Especially considering we seem to be without a MD at this point. The best summary is from his presenation for Gas2Grid (GGX) at last months Good Oil Conference.
"Independent energy consultant whose career has spanned technical and financial sectors. Starting as a petroleum engineer with Schlumberger and Esso he has worked around the world in a multitude of roles. Spent more than 14 years in analytical and corporate finance roles with a number of international investment banks. From 2004 to 2008 was Managing Director of a dual ASX-AIM listed company based in London holding North Sea and international assets."
What caught my eye was a quote he had in there "New venture and corporate opportunities continually being assessed......grow or die!". Albers is also a major shareholder in that one - that guy gets around doesnt he.
Seems he was also a Director in Drillsearch up to June 09, resigning after an injunction on a shre holder vote to oust them. The article here is from Business Spectator in May.
"Drillsearch Energy, 3D Oil and Beach Petroleum"
"The show goes on with Drillsearch Energy's takeover for 3D Oil, with the bidder extending its offer until June 9 and Veritas Securities, representing escrowed 3D shareholders who were unable to consider the bid, withdrawing its application to the Takeovers Panel. The show is also going on for Beach Petroleum's own bid for Drillsearch, however, which is contingent upon Drillsearch not taking over 3D. Drillsearch is hardly going to give up on the chase, but if the press releases of managing director and major shareholder Noel Newell are anything to go by, 3D isn't going to give itself up so easily. And don’t forget that there’s a boardroom war going on at Drillsearch as well. Despite the appointment of new managing director, two members of the board, Choo Beng Kai and Jim McKerlie, have convened a shareholder meeting to oust chairman Peter Simpson and fellow directors Peter Wicks and Russell Langusch. Simpson, Wicks and Langusch also convened a meeting to oust Choo and McKerlie. However, in a sign of solidarity they've now agreed to combine the two meetings, scheduled for a final showdown on July 31. The battle continues."
Previously the Managing Director of Elixir Petroleum up until Nov 2007 and on that I came across a previous article about him, seems to be the King of the Dealmakers. The quote below is from that article.
"Fortunately, Russell Langusch was acutely aware of the predicament and went on the hunt for a suitable deal that would help balance the company’s portfolio and bring in some much needed near term drilling and production potential. A deal was eventually struck with Gawler Resources, a small ASX listed company that had earned into the re-development of the High Island oil and gas project in the Gulf of Mexico. Gawler Resources was, in a sense, like Elixir. It had a 30% working interest in a near term cash flow project, but lacked the cash to fund its share of the development costs. Elixir may have come up short for splashing out on an offshore drilling platform in the North Sea, but it certainly had enough cash to fund Gawler’s smaller development. Hence a deal was struck and the two companies agreed a merger, bringing immediate cash to the table for Gawler - plus high impact acreage in the North Sea - and giving Elixir access to much needed near term developments and cash flow"
