Anzoil was awarded concessions in Vietnam where they successfully delineated a gas field of over 1 trillion cf of gas. This saw the share price rise to $4. In 1999 a wildcat, well D24-1, was drilled which encountered severe problems (formation damage due to extremely high temperature and pressure) but had good hydrocarbon shows. Subsequent testing flowed gas at non-commercial rates of less than 50,000 cfd. As a consequence of to the lack of success and the high cost of drilling(3500m), a farminee jvp was necessitated to provide additional funds and expertise (US$16m for a 25% stake, which incidentally valued Anzoil at $2) (Vietnam had lost its shine as the next tiger economy and funds for such projects were not easily raised at the time, particularly after such a disappointing outcome)
The subsequent appraisal wells had no better success, D14-4X showed little gas while D14-5 was a duster, whereas the joint venture partner drilled 15-2-VD-2 which was classed as a tight hole.
The shares understandably slumped to a low of 17 cents after the lack of success in this venture. (NEO is now some 0.5 cents post consolidation of 10:1)
Now as anyone with the least bit of knowledge of the oil industry knows, this scenario is rather the norm than the exception, and the vast majority of outcomes of such ventures, success doesn’t come easily, and neither does easy money.
Does any of this reflect badly on Dr. Jaap Poll, who was a member of the board of Anzoil at the time?
The notice by IGM, to remove Dr. Jaap Poll from the board, was that of a majority shareholder in Anzoil at the time. You’re free to speculate on the reasons and intentions for their desire to remove him from the board. But rest assured, the fair and equitable safeguarding of the assets in the company would not be high in the ‘likely’, ‘probable’, or ‘possible’ list! In fact the Takeovers Panel, on review, found in Dr. Poll’s favour and upheld his nomination to the board.
Dr. Poll was the honest actor in this play, and any insinuation of culpability of dereliction of duty, or otherwise unbefitting conduct is scurrilous to the extreme.
One poster in particular has run a slanderous smear campaign against this company, and Dr. Jaap Poll in particular, and his every post on this thread has been driven by pure malice. (Besides lacking substance and content remotely recognizable as truth or fact.)
During his involuntary tenure in the sin bin he should use his time wisely and do some soul searching; that is ‘for’ not ‘in’, and reflect on what drives his absurd malice.
Should Dr. Poll sue this character for libel he’d be sure to lose all his sheep, the goat plus the rubber dinghy he so proudly skippers around his bathtub. OEL does not have any ghosts from the past to contend with, and any continuing casting of dispersion from this one poster in particular, and other ill informed blind followers, only reflects on themselves and not on Dr. Poll or OEL.
The ever so tenuous connection with Coplex (Ken Fellows – Coplex – AustralAsian – NorAsian - OEL) is another example of trying to throw mud in the hope that some will stick. This is a very far fetched attempt, and has no basis in fact either.
Dr. Poll is a highly respected figure in the oil industry and has been awarded several ‘Best Paper’ and ‘Distinguished Life Membership’ of the Australian Petroleum Exploration Society. He is also an accredited Professional Member of the American Association of Petroleum Geologists plus a Certified Mediator and Arbitrator.
In fact, the fantastic assets assembled in OEL and the rapid progress and success thus far are a tribute to his vast expertise, ability, integrity and knowledge of the oil industry.
And no two bit pretender from the gutters should be allowed to get away with his attempts to sully his good reputation.
OEL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
(20min delay)