odin wants reps on vpe board, page-31

Yes I wondered about that too but I kept on going back to his pedigree as I see him. I reckon he hasnt put a foot wrong in the last four months.I never knew him before.

Perhaps you should go get a job with him, no doubt he'll appreciate any form of support he can get! Let me put it another way. If you are looking to buy a dog (and that's quite an appropriate analogy!) who, though has behaved for the past four months, has had a history of screwing his owners, would you say it's a dog of good pedigree? Put it this way, I run a fairly good business. I would not hire him if he was the last man standing on this beautiful planet of ours! He may well be a very nice and lovable character, but I'm in the investment game to make money, not to make friends (though I have made quite a few good ones along the way). The way he seems to operate the company is like playing darts. Instead of focusing on a particular target after doing your homework, he makes up for his lack of accuracy by going to his shareholders for millions of darts, and throwing those darts everywhere. The law of statistics would eventually fall his way. Actually, given the industry average for wildcat wells is 10%, he has missed that average by... errr... the size of Grand Canyon say!

Even by some miraculous fluke, he landed some half decent acreage in the Bowen Basin, the guy was so clueless (and arrogant) that he even confessed that...

http://oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1195092177&feed=oilbarrel_en&searchterm=victoria%20petroleum

"...Coal seam gas is an increasingly fashionable resource. Whether in North America or Australia, ambitious industry players are keen to add some kind of coal gas project to the books, aware that the markets are paying increasing attention to these unconventional gas reserves. Vic Pet is no exception. “We had this acreage for seven years and didn’t do anything with it,” said Kopcheff, admitting that as a geologist he wasn’t enthused by coal gas projects. “But now that all the coal seam gas companies have market caps of A$100 million compared to our A$28 million, we have decided to re-enter this legacy asset.”...

Pardon me, but did I pay part of his annual 340k salary so that the fortune of our company is based on where his enthusiasm lies? If he had any foresight or half an ounce of leadership quality (as opposed to be a sheep), he would have seen the success of SHG and QGC generating a truckload of shareholder values from the adjacent CSG permits. If that is not a strong enough hint to go explore in our own turf, what bl**dy hint does he need? A rock to fall on his thick head?

As for El Fatso, why would you spend 600-odd thousand for a 10% NRI on a 20BCF wildcat? Regardless of the seismic amplitude anomalies, direct hydrocarbon indicators, or whatever else they had to indicate the prospectivity of the well, the bottom line is that it was a risky outlay for minimal returns. In this game, it is all about minimising one's risk/outlay while exposing ourselves to maximum returns.

If you want the ultimate comical drilling c*ck-up of all time, go read up on the series of farcical mistakes and mishaps (rig swaps, stuck drill strings, defective production valves, etc) while they were attempting to drill a horizontal well at Eagle North. Three attempts over 2 decades and several tens of millions of dollars later, it's remains an unfulfilled dream for JK (nightmare for shareholders).

I could go on for years, but I won't bore you to death :o)) Don't feel sorry for JK, he's milked enough money out of the company to have quite a few properties along the Margaret River!

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