IMO, both Phil Thick and PetroChina involvements are important signs that big actions will happen soon, but I can't know how soon in deed.
China is after the energy resources everywhere in world atm. China's appetite for energy is voracious, and growing. You can read this on this article; "Energy-hungry China scours the globe to secure future supplies" Therefore, I am even afraid that PetroChina's share in our JV is going to be takeover threat for NSE along the way. This should never be forgotten.
We know that Phil Thick is a proven and experienced MD, however his experience is downstream but not upstream. He has no experience about the exploration business. Sam had the same problem, he was even worse as he didn't have an engineering background. What they should do is to get the expert advice and ongoing assistance from the right exploration and shale experts. I would not oppose paying millions of dollars to those experts instead of paying excessively to directors and managers. Paying millions of dollars to various directors and managers would not help them to find the oil and gas. They have to make an optimization of company. I believe and hope that Phil has this capability, but he needs some support from some of the other directors to make the revolutionary changes, I think.
Let's not forget, NSE has made huge profit from Buru shares. We are very lucky for this. We should also thank to the management, especially to the directors who gave the direction to this investment. (I think that was Sam as stock market was his area). Now the market is very bad and cash is the king. NSE is holding a great weapon (cash) in its hand. NSE should be using this money in the best way it can.
NSE Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
