myanmar bid failed, page-3

I hate being right given it hurts me as a shareholder but I have been saying this for a long time now - they never had a chance in Myanmar.

Seriously, this board & management is not only incapable (i.e. sitting on their hands on the assets in Ukraine for nearly 2 years) but also suffers from clear delusions of grandeur (i.e. actually thinking they would be awarded acreage in precedence over Shell, Chevron and Woodside). Really guys, really??

Management simply needs to be moved on...all of them. It is our only hope (don't kid yourself that anything other than that will see HOG's fortunes turn around). Management has had a go (for way too long and been given more than adequate time to do something, anything to improve the position of this company) but it has to be abundantly clear to everyone by now that they simply do not have the skill set or expertise to make this happen. The honourable thing to do would be to actually step aside of their own accord (recognizing the simple fact that they have not added any value over the past 2 years at least and that guiding and managing this company is simply not something they are equipped to do). Richard R can always get a finance job somewhere; our lord on the board can always go back to doing whatever it is lords do these days (but please, have some dignitiy, and step down of your own accord and give this company a slivver of hope of getting back on track).

I'll re-itterate again; if they don't go themselves, big shareholders need to move these guys aside and give a new team a go. Hopefully a new team will also set out a clear strategy. My preference: focus on Ukraine for now and if you venture outside, pick a mature, stable, geopolitically safe place and try to buy existing producing assets with some opportunity for additional drilling or re-works. But, whatever the strategy is, I am happy to let any new guys have a go. Just have a strategy other than we keep traveling the world putting in bids, spending crazy amounts of money in the process, thinking we are Shell or Chevron. Its just crazy stuff!

Bigger holders need to step up or we can all wait for the inevitable administration once all the cash is milked out of this company in "admin expenses".

Another very sad day not only because of Myanmar but also because, most likely, these guys will all keep backing themselves for the free ride at our expense. Very, very, sad.