The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Mate they have had over 2 years to get this project off the ground and we are still waiting. Its delay after delay after delay. Next they will be saying that the PSA's have been printed on the wrong paper and need to be printed again before they can be looked at.
This arrogant government believe that they can continue the way they have for the last 2 years and companies will still want to invest. They better wake up because other countries are making their economies more conducive for investment.
The shareholders are at the mercy of this government and its various agencies and departments and there seems to be no desire to push this project on. How long does it take to finalise PSA' s for goodness sake. The farm out has been ongoing for what 16 months. Wheres the drill. KN 1 has not been resolved. These are all things that have not been resolved or agreed still.
What has actually been achieved in the last 15 months by this company and government. Not a lot from I can see. What a joke this stock has become. Two years on since this CH1 discovery and still no well drilled.
Both are culpable but the government should take a larger proportion of the blame. Do they care though no they don't. They think that they carry on and please themselves but if they continue with their attitude and indifference to investors companies will move to other countries where the business environment is more progressive.
Don't hold your breath. What this government should realise is that oil majors will move on elsewhere to do their business investment if it is taking too long and is overly bureaucratic.