Prato,
I'll take the bait. While I'm disappointed with Dukas too, you can't blame it fully on the current board. As i have previously told you, the STO farmout was signed in 2013. Signed means contractual. Once this was signed, any new board member was not going to be able to change the terms without breaking up the farmout agreement. The board of directors in 2013 were:
DIRECTORS
Andrew P Whittle BSc (Hons), Non-executive Chairman
Richard I Cottee BA LLB (Hons), Managing Director and Chief Executive Officer
Michael R Herrington BSc (Engineering), PE (Petroleum), Executive Director and Chief Operating Officer
Wrixon F Gasteen BE (Hons), MBA (Dist), Non-executive DirectorWilliam J Dunmore BSc MSc, Non-executive Director
2013 Annual reportThe 2019 board of directors are:
DIRECTORS
Mr Stuart Baker BE(Elec), MBA, AICD, Non-Executive Director
Mr Leon Devaney BSc MBA, Managing Director and Chief Executive Officer
Dr Julian Fowles PhD, BSc (Hons), GDipAFI, GAICD, Non-Executive Director
Mr Wrixon F Gasteen BE(Mining) (Hons), MBA (Distinction), Non-Executive Director and ChairmanMs Katherine Hirschfeld AM, BE(Chem), HonFIEAust, FTSE, FIChemE, CEng, FAICD, Non-Executive Director
2019 Annual reportThere is only
one board member who is consistent, "Mr Wrixton". If you want to take anything out, ask him the question why the contract wasn't firmer?
In anycase, I have hope that the CY2020 exploration program may incorporate a revisit to Dukas. CTP may be able to source a rig that is suitable for all targets? We may even get to keep 60%.
I'm also sure that the current board and management will be certain to make any new farmout deal iron clad.
