is it just me or..., page-22

Plugged point taken.

What you have said there about Igor goes exactly the same for Wolfgang at ADX. Wolfgang has held onto those Tunisian licenses for a number of years. Trying to farm out a 270 million barrel target, has proven to be a very difficult job. With all his experience and expertise in that area, not even he could pull off getting a major involved. This is a fellow who held those licenses while working at Stratic Energy and then Stratic dropped them and he built ADX around them. Two completely different areas of operation, with offshore Tunisian O&G having its own issues, but nonetheless the argument you make goes the same for ADX.

Guru or not, the majors don't care. They care about the analysis and interpretation performed by their own teams and not someone else. If they ran off what current 3D showed Shell would have already drilled. Unfortunately for us, Shell wanted more definition over the fan plays and it proved to be disappointing by their high standards. The question we have to ask plugged, is how are FAR going to catch that big fish after Shell has laughed at the bait? Time is ticking.

Wolfgang credentials for anyone interested.
Wolfgang Zimmer
Managing Director
Wolfgang has 28 years experience in the Oil & Gas Industry. He received his Ph.D from the University of Vienna in Geology and Petrology. His career began with Mobil Oil in Vienna where he worked for 11 years primarily in Europe and the USA in oil and gas exploration and production. In 1991 he joined OMV, the Austrian Oil Company, and fulfilled a variety of senior management roles for the next 15 years. He established OMVs Exploration and Production business in Australia and New Zealand and was its Managing Director for 5 years. He also has significant experience in North Africa having been the director of OMVs onshore and offshore production operations in Tunisia. Most recently he was the CEO of Grove Energy, a Canadian and UK listed oil and gas explorer which he successfully merged with another exploration company in 2007.