RE: Resignation10 Feb 2021 12:43
DW would have completed 7 years when he leaves at end of May 2021.
PB was our Oil Exploration Guru, the founder of 88E's new direction following Tangiers.
PB used to join DW for the UK / City Presentations once a year.
This created a great following for 88E, almost Cult Like.
88E with DW suffered a tremendous loss when PB died two years into the Icewine Project.
At that time I felt the BoD should have taken on-board a Geologist / Engineer Director.
Instead he accepted a substantial salary increase BEFORE finding oil flow.
Within a year DW's popularity started to wane.
BUT let all remember, it was/is DW's skills that have raised around US$40 million on Farm Outs.
Also alongside our FD, he would have planned the Capital Raising to support 88E expenditure.
Skilfully IMHO, DW with the BoD has kept 88E debt free.
Also, they have not filled the Annual Accounts with so called 'assets' such as 'land with oil' etc.
Many companies do this, often then finding those assets are NIL with bad effect on Accounts.
If Peregrine is successful, then DW will be missed Big Time.
If Peregrine is not 'commercial' then DW will be blamed with 6 Drill Programs 'not commercial'.
It is obvious that DW has worked his socks off year in, year out.
He and LTH investors deserve a 'commercial' result from Peregrine.
It has been each of us with individual decisions when to BUY into 88E, or SELL out.
This is AIM, the Wild West of risk, loss, gain, unexpected events, lucky breaks, hard work.
IMHO it is OK to have a moan on LSE and HotCopper, and it is OK to praise.
But DW cannot be held solely responsible for dry drills. Partly, yes, but never solely.
With such difficult decisions to be made based on limited knowledge at each stage.
Phrontist
Sign In
Follow the stocks
