Excellent posts today from PhillW and dodds - thanks to you both.
I've hesitated to say this, but I will: Too many posters are too busy bemoaning their misfortune and blaming management for everything, even when there is evidence to the contrary. Man up, gentlemen: If you think you've done your dough, then for heaven's sake sell while you can get some cash back and move on. You are doing yourselves no good whatsoever stewing over what's happened and hanging on for grim death in the hope of a miracle. Cop your whack and stop whingeing. For the record, I've copped mine - well, two-thirds of it at an 85 per cent loss: I'm holding a third in the hope FAR can pull off a sale/finance package that will see it through to oil income. There is also the hope of a Gambian discovery.
There, I've said it. I dare say I'll cop some flak, but PhillW and dodds have proven today that it is still possible to have a reasoned discussion about what's caused the situation and what might be done about it.
Just for the record:
> FAR had more than 200 registrations for today's meeting and booked a 500-person Zoom meeting. Goodness knows why Zoom didn't deliver, but you can't blame FAR.
> The Chairman explained a number of times how FAR was a 15% JV partner and had to dance to the beat of Woodside's drum. He went through a number of shareholder questions - "why didn't you do this? and why didn't you do that" - and explained that on each occasion FAR lobbied for alternative action but was simply voted down. Two classic instances? FAR argued against a premature declaration of FID but was gang-tackled by nervous Woodside and Cairn and had to go with it. And of course FAR and Cairn had to suck up the extra $US1.1 billion capex associated with an owned FPSO.
> FAR has made significant cuts to an already pretty thin staff. Eleven people have gone from head office, the overseas staff and ops have been cut back and travel is non-existent.
> I was one who was gobsmacked when the arbitration tribunal declared it could not even rule on FAR's claim. Today, finally, the whole PE debacle was laid bare - no, I don't know why it took this long - and to be honest it all made sense. FAR was offered PE, rushed off and arranged an on-sell that would have had us all cheering to the rafters, had Conoco crack it and withdraw and refuse to cooperate. FAR was told to expect an arbitration finding in six months for a million bucks. Now I don't know about you, but if our directors had a chance to make a few hundred million for us but decided not to act on it, I'd be lighting the torch and sharpening the pitchfork. Okay, we lost - move on.
You've probably guessed I'm sick of the tone of the forum, which I recall was mighty buoyant pre-Samo when all of us were healthily in the green and further riches awaited. Not that I expect buoyancy now - of course we are all disillusioned/despondent/regretful/angry - but seriously, ask yourself whether you are doing your health any good by stewing in those emotions.
Maybe not goodbye, but au revoir for a while.
OOO
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