men in grey suits

I've been looking at several senario's following last week's announcement.

The AGM is due in May, so I'm starting to think that the current board have around 8 weeks to turn things around before the big shareholders say enough is enough and its time for change, time to bring in people who can get the job done.

Looking at some of the facts, its now nearly 20 months since Antares purchased Southern Star, in that time it has failed to do anything with the Pecan 2 well, a well already drilled and cased, it simply requires a casing repair, then a frac to put it in production, way under $1M in total cost and its next to one of there best wells historically. A simple cost effective way to get production, yet nothing done.

They don't have the skill set required and have failed to build a team to meet the needs of the business.

Pioneer one the the biggest players in the Permian Basis regards the play as a simple repeatable one where the main issue is keeping costs down. Yet Antares has not gone about keeping costs down, it pays a third party to run the show on top of the hired contractors, excess costs that is costing shareholders $M in lost value.

As I said in my opinion, I think they have 8 weeks to save there jobs or the men in grey suits will come calling.

LOTM