I don't hate anyone Rich and still believe if we met face to face would probably get on.
Whilst I agree we could get BOPD up quite a bit with 4/5 rigs working 24/7, but for a 'radical' increase and to drill the Herreras, St Mary's, Niko acreage etc I think they do need to invest in some rigs or a 3rd party drilling company working on a risk reward basis. I dont think they have to raise $50m at 1p to do that
Like you, I would rather they raised less money, start getting oil out of the ground and using that money to grow.
We are all debating this in the dark as the BOD are not telling us anything. The suspicion has grown since an investor identified the LO and Cove are linked and the BOD didn't think that was important to tell us. Rather important when the want to give away 50% of the crown jewels for 1p
I urge peeps invested to take note of the content of his posts. Look back over the last 2 years at his posts and you will see he has been completely correct. He even got the Texas saga right when everyone else said it was
What are you on about? They are facts. Rory owns not one share. He has no skin in OUR game while ****ing away half the company for 1p. Instead of answering that you come out with one of your more rediculous accusations. And that takes some doing looking at the shxte you have written over the years.
If pis dont act at the agm there may not be a company to save in 6-12 months time. Imo.
Putting aside our mutual hatred of each other.... You know I'm currently still slightly on the side of people voting no to everything at the AGM due to the scale of unjustified (as far as we've heard) dilution. However, radically increasing production with 4-5 rigs would be possible imo (depending on how much you're calling radically). Even Landau had a period where 3-4 rigs were running for a little while and the bopd went up over 1k (1.2k wasn't it?). So with 4-5 running full pelt 24/7 I think we could make good progress on production and would be my preference (get into profit first before expanding further - using minimal debt and avoiding the majority of dilution).
You cant radically increase production with 4 or 5 rigs To revisit one would have to have visited it previously. Landau, who you also backed with the same blind fait, took the millions but never visited the Herreras. Furthermore we dont have a rig that can drill that deep.
How long have we been talking about waterflood. It is a possibility but costs a lot and result take a long time. I suspect it's another Landau type carrot like Puntland. Seismic in St Mary's is a cost and wouldnt generate revenue without having something to drill it. IOP stake is worthless. I'm sure you have read Billfish research on III but chose to igonre it. 20% of LAR not worth much either. Colombia and Puntland also worthless in the short and medium term.
The only assets worth exploiting are in Trinidad.
Lots of people have posted these long 'Magic wand' wish lists.
The BOD need to tell us HOW they intend to do all this
I haven't made my mind up which way to vote yet but blindly voting yes to everything because you think they have a magic wand is as daft as you vocally supporting Landau and mob for the last few years
I can tell you what the BOD plan it is blatantly obvious, raise $50 million in funding, use the money to focus on our world class assets in Trinidad. Radically increase production with 4 possibly 5 rigs working in Q4 2014. Bring on waterflood programme with LO's technical support, revisit Herrera with some deep drilling. carry out seismic programme in St Mary's block TT. Complete sales of both Texas and Georgia. Recover funds from the IOP either when sp recovers or when their assets get sold. In addition to which we still have 20% of Guatamala through LAR, a potential free carry in Colombia and a 20% stake in Puntland to look forward to in the future.
Then once we become a profitable mid tier oil and gas company (TT has masses of gas too), instigate a share buyback or even a small consolidation which could halve the share in issue and attract more Institutional investors.
Now tell me what you think a No vote will achieve apart from allowing you to vent your anger.
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