Failure of management?

We are witnessing an abject failure of management in my opinion. Yes the engine room is doing well and the company is undervalued on its production. With the POO hitting $USD 70 the company is travelling well and will pay down more debt, Then we have FID approaching on the Chinese expansion to look forward to. That is all good and should see a positive SP, perhaps to 15 cents per share. But the PNG developments are disappointing to say the least and this was always the big hope for a return to an SP of around 50 cps. We have been blocked on Stanley and now on PRl 21 and these are integral to the WLNG. The worry is that almost all the expertise in the company is PNG, decades of it. So, in my opinion, the company has failed in the very area where it should have been the strongest. The justification for not bringing in new blood when Brent resigned but internally appointing a CEO and keeping Brent on as a highly paid consultant is gone. It was a mistake that has gained us nothing and possibly has cost us dearly in my view. I cite the case of Oil Search who took the hard decision to select a new CEO a few years ago even though the CEO at the time was doing well. They had a strong board and shareholders have reaped the rewards. They made a hard decision but it was a good one. The Horizon Board has not served us well in my opinion. Exactly what is the relationship between the PNG cabinet and our management? One suspects that it isn't good or at the very least was not good enough to head off the likely attempted seizure of our gas resources that supply the WLNG. Horizon has the appearance of a club that is self-serving rather than acting in the interests of shareholders. That was brought home to shareholders some time ago when the SP hit a miserable low. Instead of taking responsibility for that result management were to receive a bonus above their already sky-high salaries for lifting the SP. I think that we should vote down the remuneration report at the AGM and deliver the first strike under ASX rules. Even if not successful we will be sending a message that management performance is not good enough.

My opinion DYOR