RE: il column deemed to be residual and uncommercial24 Jan 2022 03:36
I am a CVN shareholder and I feel sick for you in ADV. I was watching the hubris ramp up in the lead up to the drill result, all the while thinking that LP has nowhere near the control of this that he was talking up. CVN spent a long time looking for a JV partner because it was willing to give away 50% on the basis that it, as operator, would spend no money. In other words, it had its eye on the big game, and was looking after itself and its own shareholders. LP on the other hand, needed to look out for ADV shareholders but didn't. He knew that this was his one and only shot and explicitly did not want to contemplate failure because it would mean total decimation. Nothing left is a good reason to not contemplate it.
Now LP's hands are tied. His rhetoric and hubris made ADV sound like an equal partner with say, but the reality is very different. He had no say, and for all his talking up his own experience, the only reason ADV was let in on this was because CVN wanted no financial risk to its bigger game in the Bedout Basin. Like I say, I feel sick enough to vomit! This has happened to me before, like most of us here. Please please please look after your mental health. Talk it out with someone you love. Don't look for someone to blame. Not even LP! He had to talk it up because he had no choice! Failure was too hard to contemplate for the one shot in the gun barrel he correctly thought he had. And when the RNS comes out, it will be clear that ADV has nothing like equal status in this JV. ADV won't be able to take this B-10 anywhere. But I know that the first step in all our recoveries is to accept this devastating loss, spill our hearts out, grieve over the damage it has done to us, pick ourselves up and dust off to live and fight another day.