TIBURN31 May 2023 13:43
I didn't see this originally - posted yesterday:
Improvement is coming.
COMMUNICATIONS
In a transition period now as the GGS upgrades continue, CC well recompletions continue.
Prod growth will be substantial once this first phase complete - need to see this on the WOGCC site each month and then the deadlock broken.
Good PR if the CEO chose to increase sentiment - prod update by RNA pre reporting on WOGCC, then verified when released , instead of previous growth claims not easy to substantiate, perhaps occurred for a day etc and used to garner some support.
When BFU first being developed there were many of these prod increase updates so AM is partial to them, perhaps didn't like the BB commentary when questioned, but there was no need to try and please by spin of well results before they were stabilised.
Now he can issue updates using the post GGS unequivocal bopd data proving the sustainable growth each month - he can let the raw prod do the talking instead of issuing opaque/questionable bopd claims that can be interpreted different ways.
Fundamentally - If there are setbacks then report them and the solution in play , dont go silent - build trust.
BOARD
This is a micro cap with great potential - create a new capable and energetic board for that exciting journey in partnership with a Major, instead of retaining the wilderness years team who just appear to rubber stamp AM decisions but provide little else that can be discerned to many. I understand loyalty to staff, but a new direction is needed - its business.
For example, what is the business development guy doing ?
Holistic board reshuffle needed, provide photos of each of the new board on the website (no photos there for two years now in new website - not my job guv)
Recruiting a comms lead, using $75k reduction from each of AM and Ryans salary would be the optimum move in all respects - reduce cost, focus on company development and message - make this one decision then let them do their job using prod data supplied.
JOINT VENTURE
Interesting that CC in the JV is a line item in the new operations deck contents list, but with no slides detail - perhaps a placeholder for future comms when out of NDA, a subtle "mistake" but NDA is not breeched.
Its material - as past comms pointed only to a JV for the Federal Deep assets. So something changed, can only be the recompletion results and Frontier 1 flowing, which may mean FD terms agreed by now to both satisfaction and with good relations, as both prepared to expand the JV scale.
AM has provided much info on the JV partner to the limit of the NDA, large company, he has worked with in the past - they know him and he them, active in PRB and in carbon capture , it sure narrows the contenders.
Add Past Exxon field history, the CC wells data "found" in a storage box at a pivotal time, leads to a conclusion that seems incredible, yet may be true - JV with a super Major inbound.
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