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18/07/14
21:42
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Originally posted by Adriano1
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I think what you meant Nando is the old board had not many oil man on the board. The current one Yeagers is putting together one could argue there's too much now.
mad was a drilling company who use to drill oil wells for other companies, and the drillers thought why not do the drilling for ourselves. It was based on low cost low production model. Clearly the model didn't work. That's business, therefore the reserves booked are no longer relevant as they are not commercial like they should have been. It's not that mad doesnt find oil in every well it drills. It does, but the level of production is to low to justify a commercial production or if it is commercial it quickly becomes uneconomic. What do people expect these are fields that have been drilled for nearly 100 yrs. mad was going for pockets of oil others had left behind. This is the problem no one understands the story of mad, and just believed reserves that where way over estimated.
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Adrian's, Yeager is putting together a group of highly paid employees. Not board members. Camuglia and Clarke ect do not have a clue. Look at the prices they bought in at. Clearly know as little about the company as all the share holders.