Hi Matadors,20 Sep 2018 16:42
I must to admit of being too optimistic about Mike's ability to be a good CEO. And I am not only about the fail of the SL oil discovery. I even think that his decision to drill the SL as a first target was a mistake. It was really hard to undrestand why to waste such a terrible amount of time, efforts and money if you not quite sure if there is someting, even in less quantities that you expect. And why not to drill much more prospective WH in the first place and postpone SL instead of Block of XX? Since I was very well acquainted with the history that Soviet specialists have discovered the first commercial deposit in Mongolia for less than one year, I was absolutely confident that real experts can do the same and even quicker especially since the methods of reconnaissance have been substantially improved over the years.
Yes, we are in very dissapointing situation and Mike is not not such a good CEO as I thought. The good CEO simply should not have allowed to happen such an unexpected blunders as rig delivery or visas delay, unexpected postpone of planned drillings or such a poor level of communication with investors. But my opinion that Mike is highly proffecional oil geophysicist unchanged. And I very much hope that Mike will be able to draw the right conclusions from his mistakes and through the WH drilling restore his reputation as good CEO. He have to prove his ability to deliver the goal that stands infront of him, namely, a large oil deposit discovery in Mongolia. Which has already dragged on for too long becoming a shameful phenomenon for PM and all of its management.