Peter's resignation is a significant turn of events. Despite the bleatings of a few, Peter has set this company up for a significant rerating when the world markets for Oil reposition themselves.
Peter has assiduously ensured that our company has complied with all the requirements that the regulatory authorities have put forward during a period of flux unprecedented by mining/drilling/exploration companies in meeting the demands of a conservation driven brigade of climate change devotees who were hell bent on closing down the tight gas industry.
The twelve months that we lost due to dealing with the political objections to our fraccing the vertical well has put us in a fagile position due to the down turn in the POO when we are just now completing the planning of our next drill prospect. This planning could not have been done quicker as it relied on the data and the analysis of the A2 well which as you all know has taken time to accumulate. (As is has been with the well on the TTE prospect which was done by AWE).
Peter, whilst gathering this data together, has acquired three new tenements and has renewed our English prospects with an expanded timeline to enable us to get the funds together to stick a straw into the black gold under the English channel.
All this has been achieved on a shoestring budget.
Some of you have thrown rocks at Peter because the price of the shares has plumbed the depths of the abysse, but he has no control over the price of the shares, he can/could only work diligently towards success with the drill bit to turn the inherent value of the company around. Unfortunately that takes time and money ..... lots of both.
Peter has invested his own money into the company and owns 20 million shares at a price which is much higher than a lot of posters here including me.
Peters dedication to the company saw him work extraordinary hours and over weekends and public holidays too. He had a heart attack and had to have bypass surgery to save his life and was still on the phone to the company everyday whilst still in hospital recovering from the operation. At the same time he had a foot amputated which was caused by his heart condition. He had to undergo rehabilitation and learn to walk again, but still used the phone to keep in touch with the company everyday so that he could ensure that it was guided in the right direction and something adverse did not happen to undo all the positive achievements.
So here is a man who has given his all, above and beyond the call of duty to bring this home.
Some of you should look at yourselves in the mirror and ask the question whether you would be as dedicated.
The appointment of the next CEO will be critical to the future of this company. I doubt that we will find anyone to guide the structure of NWE better than Peter has done and I hope that the management of NWE have enough brains to consult with Peter regularly as the knowledge that he has should not be lost to us.
Good luck to you Peter whatever the direction the future has in store.
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