My experience with Chinese controlled companies is abysmal .
At this time we are not controlled , the day we are I would start selling . My experience is they treat minority share holders worse than their pets .
Buru did not quite maintain it's freedom for a year , 2 days to go .
While I am reconciled to the deal and can see it has pros and cons and support the BOD decision because I don't have any choice .
Imho it was a HUGE lost opportunity .
The most enthusiastic supporters of the deal are long term holders who have been through the Valley of Death with this company and have survived and that includes management .They carry psychological baggage and have an intense resolve to not go there again .
The most disappointed are mainly newbies who have only seen their investment flourish and believe that
there was a path forward with out a big brother , at least until they had to deal with the gas assets .
It is not that the newbies cannot see the risks it is just that they could see that if Buru did what they said they were going to do , that is develop Ungani to 5000 bopd ( They have not talked about that for a while now ) shipped through a Broome export terminal they would have clearly been in a position to fund a lot of oil exploration to find the next fields.
The development was doable from the cash flow from 3000 bopd .
The fact that they were not prepared to borrow to build Broome and pull the trigger on a FID says volumes .Most share holders have accepted the companies story that Broome did not stack up financially with out asking to see the financial analysis . I believe it does stack up and it is strategically important to get it built .
They clearly have the DNA of an exploration company and not a production business .Watch the Video exploration always comes before production .
Any way this is my last post for a while , no good can come of rehashing what could have been .
I am retreating into a cave to sulk .
gltah
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