HZN Valuation, page-51

Yep PNG not worth much. It was about a year or so ago that the chair of the board was saying that PNG had the potential to really lift the share price. Then Brent resigned and it seemed we would finally get some new blood into the company. But instead of an open process of selection they made an internal promotion. And just when it seemed that Brent was finally gone he stayed on as a highly paid consultant. At the time i thought that was appalling but on the other hand it provided continuity. The positive networking and close relationships that Brent supposedly had in PNG would be very useful. Well we soon found out the value that the PNG Cabinet put on the relationship. Absolutely nothing or perhaps worse? Was their bad blood? After all these years of waiting for Stanley to start production and the company to get the big payment on FID, the PNG cabinet moved to cancel licences which effectively would take Stanley away and dash our hopes for being part of the WLNG project. Now i can see that to some extent we are collateral damage to a rift with Repsol but even so the 15 odd years of Brent working in PNG should have countered that and it didn't. We needed new blood, new negotiators and the Board should have acted to ensure that happened in my view. At the heart of the problem imo is that Brent is a good geologist but he is not a good negotiator or deal maker and networker. He has found us some excellent oil resources and been paid a bomb on hopes that never materialised.
My opinion only