Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Getting down to filling in the resolutions for the A.G.M. I reflected on past events and pondered on the future of Hur.
THE RECONSTRUCTION
The reconstruction of Hur’s proposed by the BOD and the group of Bond Holders is the outstanding past event for me.
I found it hard to believe at the time and still do that a B.O.D. could go along with the Bond Holders on a scheme that would virtually exterminate the P.I.’s shareholding [what would have happened to their remaining shares] when there was a considerable time left before the Bonds were due to be paid. A reconstruction scheme that cost HUR an enormous amount of funds in fees [would be great to have these funds now] and a bonus was also offered by HUR for a successful result [unpaid].
The price of oil was at a very low level at the time and predicted to recover. Recover it did and to a much higher level than most people expected. The BOD did not communicate to any degree with shareholders and did not modify their position as Hur’s fortunes and prospects improved.
The efforts and stands taken by Richard Bernstein of Crystal Amber [ A major shareholder ] were in stark contrast to that of the B.O.D. He saved the P.I.’s shareholdings/investments for the future and also those of Crystal Amber.
The High Court judge’s analyses and summing up of the proposed reconstruction was a master class.
INTERNAL INVESTIGATION ON THE B.O.D’s
HAND L ING OF THE RECONSTRUCTION EVENTS.
Another event which had a big influence on me was the internal investigation on the B.O.D.’s handling of the reconstruction.
Again a waste of time and funds.
What was the investigation out to establish? Was it to see if the BOD had broken any rules, the law, conventions etc? That appears to be what happened.
The investigation should have been based on the B.O.D.’s ability in handling and controlling the situation and dealing with the Bond Holders
Their efforts and stances taken should have been compared with that of Richard Bernstein and that of the High Court Judge‘s analyses and summing up.
Were they competent and did they have the experience to handle that very difficult situation, I think not.
We need people in overall charge who have some of the qualities and experience of Richard Bernstein to get a forward works plan, look at deals, make the right decisions, employ suitable people for the job.
We also need the right people to organise and make decisions/ plans etc. regarding the oil assets and that cannot be over stated.
It is a case of horses for courses.
FUTURE FOR HUR.
The future for Hur will unfold in the next year or so, if not before. In the near term the best advance may be in the development of Lancaster.
Some time ago [ having no O. & G. experience ] I offered the thought that the use of pumps and chokes on well 6 was perhaps having the effect of drawing oil from more parts of the reservoir than before, in a general horizontal direction.
Cont.
Ron