MT re 12.412 Dec 2018 19:58
I remember those salad days very well. At that time all seemed to be going well with slow but steady growth in high price gas sales and the nigh on certainty of a big uplift from the approaching Bonaberi once over the Wouri.
It seemed nothing could stop us from making shedloads of money as reward for our patience.
Where did it start to go wrong. Forget Kermekol, forget Westmed, they were history by then. No we should have seen the writing on the wall with the Wouri crossing fiasco but that was soon sorted, What about Grim? Were we not faithfully assured by Foo that his "very good friend" had no claim on Logbaba only for 40% to be taken from us.
But that didn't matter to Foo because he would still get his royalty payments come what may.
Was it the massive push for big power that was the turning point? Having achieved very little by then in retail sales, they took the easy option but only managed to secure a 2 year deal and when that finished got beaten up on rollover terms.
But even at that point we still had little or no debt so the loss of Eneo could have been absorbed much more easily then.
No, for me the main downfall wa the way they pushed up debt levels at the same time as running a disastrous drilling campaign with an unknown and unproven drilling company taking us to the point where any one of a number of factors could have brought the company down.
And I haven't even started on the stuck gun fiasco, the dubious 57p placing (in which I was also one of the hoodwinked), LA109, (for which the placing was to be used but whose gas wasn't needed anyway), the summer promises re Eneo renewal.
You could just go on and on. The management of this company has been nothing short of disastrous in the last few years and the BoD should all go.
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