I have said for a long time, they need proper oil & gas people on the board of directors, 2 of the Lonestar nominees seem to have the right CV's in that regard. So I would be very much inclined to vote for them, I wish they'd have been a third one as well.
As far as I know all of these nomination are for non exec positions, so $$$ won't be that high in the beginning, that may change once they get to the bottom of what's been going on over the last couple of years and why drilling/production results have mainly failed to meet expectations. They may in time move to executive positions.
As you know I don't think VA should be on the board, I simply don't see what skill set she can bring to the oil & gas boardroom table.
I also hate having large board of directors with inflated salaries & options, but if you truly believe change is the way forward for the company to get better returns for ordinary shareholders, then in this instance we're going to have to put up with an enlarged board for maybe the next year for this to happen. How else are you going to be able to out vote the status quo?
Southern Star production is no-where near where it should be, but until you actually get someone in there who can see the actual data & then interpret it, its hard to make recommendations as to how best to proceed going forward.
This is something I've never understood, in the 3 years Antares has owned SS its never done the simple task of repairing the casing on the Pecan 2 well, then fraccing it & getting it into production, its an offset of what was one of Clear Waters best wells. So the cost of getting it up & running should be under $800,000. A real low hanging fruit according to the original sales document. Now it could be that they've attempted it & failed & kept mum, as is Antares way, we simply don't know. It's the sort of thing I'd expect the new tech guys to pick-up on early doors & do, or at least make public what has happened there since 2011.
Until they see the info, how can they explain for example the cost over runs for last years wells etc to us?
Yes, its true, we're going to have to put some faith in them doing the right things on our behalf, giving us far more information as to what's going on. We know the current board won't give us any proper answers.
LOTM
AZZ Price at posting:
60.0¢ Sentiment: None Disclosure: Held
