A New Approach31 Jan 2019 09:09
I would encourage everyone to look again at the sept 2017 podcast.A confident Arthur says drilling before year end.....jack up rigs are cheap now......rapid production faciity with offtake tanker......Plenty of info on the structure....a good explanation of what went wrong in Liberia....I guess it's just easier to look at it again.I honestly think he believed it was going to happen.Most have seen the latest offering and despite Donald Leggatt giving him every chance to be as confident, I found him to be vague and unsure, knowing that the market knows a placing is coming I guess being evasive and insecure is not surprising.A lot of well informed comments yesterday and I would only like to make two observations.Jiving has proposed we try to take some control, whilst this response is quite understandable, my experience of shareholder action groups, taking an adversarial approach is that they just fall apart or cause further damage......that is to say they either have no effect or a negative one.I would like to propose that we nominate a single point of contact with Arthur and possibly the board.A kind of shareholder non-exec.I don't think either that the cost of an occasional bucket class ticket from Heathrow to Calgary would break the bank given the current cash burn.Expenses of course and maybe some small remuneration....taken in shares, to set an example to others would also be a positive move.As shareholders we would then represent a large supportive force with one of our own in place instead of this piecemeal email response.Finally I would like to propose R_Dunc as he has demonstrated he has what I believe to be the right skill set to carry this out in a measured way.Of course he may not want any part of it and I wouldn't blame him.In which case then those who would be prepared to take this on could put their names forward and the board take a vote on it.If Arthur reads this......and I sincerely hope he does, then I would encourage him to consider the power of a supportive shareholder base who feel that they are involved at a board level.....makes sense all round to move forward in a positive way for shareholders and the company.........Just look at James Parsons approach with Sound Energy and see how they have done and all they have are half a dozen dusters and a slight smell of gas in a location requiring hundreds of millions to put the infrastructure in place to get it to market.Just a thought.