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20:24
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Originally posted by dodds:
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The management cleanout from this major clusterf*** is now pretty much complete. I too am amazed at the time it has taken for CN to step down (or should I say now having been stood down). Whilst I suspect Nic Limb was probably the main driving force (and decision maker) within the Senegal FAR era, CN was the face of it and when all went belly up she should have stepped down immediately. Not having done so shows her inability to show or accept responsibility...something that is critical for any major level manager. In hindsight what has happened with CN probably could have been foreseen earlier when her preparedness to answer shareholders' questions in the last couple of years totally dried up...this in comparison to her desire to correspond with just about everyone and anyone when things were going well.
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I agree and strongly beleive that it is very possible for FAR to recover and come good with a new board, new leadership and new direction, they have a strong bank balance and no debt which forms a sound base for the company to build on. What is important is not to take too big a risk on the drilling of a single oil well, which was previously done on the Bambo well with a 50% interest. If they can farm out the next Gambia well and be free carried, that would be a start, and reduce their interest to 10% only on any such future wells.
(20min delay)