Ultimately, the company is broke and it's had two hugely problematic and expensive drills so far, with very underwhelming results to date, what was it, 10m of net pay or something? People were playing up the possibility of hundreds of metres prior to results... Those sort of results are not going to get you anywhere when you've also got to build all the infrastructure in the country to support oil/gas development. This will have to be huge to make that economically viable.
Not only this, the elephant in the room is the massive sovereign risk at play in Africa (just ask LLL holders). So not only do you have to actually find something worth getting out of the ground, which results so far haven't been overly promising, you have to hope the government doesn't just go... thanks for that guys, it's ours now.
If you don't think that's a possibility, then you have your head in the sand... oh and if you think having a white South African as your CEO is some kind of advantage in negotiating these difficulties... you might want to brush up on your modern African politics lol.
