"The lack of commercial success from our drilling campaign was compounded by MEO funding 100% of the Gurame SE-1X well, offshore North Sumatra... With the clarity of hindsight and critical introspection, the decision to fund the Gurame SE-1X well on a 100% basis was regrettable."
Regrettable, most certainly, to the tune of nearly $54,000,000. The Board's role was to, inter alia, defend the interests of investors by remaining active, informed and competent in the supervision of the company; in agreeing to the strategic direction of the company and being accountable for all the major financial and business dealings of the company. What 'what if' questions did you ask Mr Chairman? Here's a tip for next time - please consider asking "What is the impact on the business if the well is not successful?"
MEO Price at posting:
7.8¢ Sentiment: Hold Disclosure: Held
