Good post OOO...I too would have liked to attend the AGM, not only to hear the case put forward for the "Incentive" scheme but to have my say. I feel that the AGM announcement, we have all just read, would have surely put a better case forward for this latest deal if they had more to say though..
I think it is plain wrong to state that this team is irrelevant in ongoing operations...sure Cairn are the operator but this is still a JV..and regardless of how many geologists are on the ship...modern technolgy streams direct results to all JV geologists around the world....Cath and Gordon included...and possibly Macky Sal
It is also wrong to say that managements efforts are solely on the work being done at SNE...they will all be active in evaluating the contingent drill sites if the next 3 holes are to be included in this round of drilling;
Furthermore FAR management are not just idling sitting around contemplating receiving options....they will be active in the evaluating of the latest seismic over their leases(not the current JV leases) and preparing farmout proposals ...that's if they aren't already in discussions with various target operators....remember these farmout deals dont just appear out of thin air... they require endless negotiatins...In todays oil price environment it will be difficult to make that sale......but Cath has the credentials and doors will open for her and she will be listened to.
As an ex-profesional sportsman Cath would relish a higher bar with incentives....
To say that she will walk from FAR if she doesnt get a few more million options is a joke.....
Give her more credit..
She has found the oil...
She has surrounded herself with some of the best oil people...
She is sitting on 20m shares and she will be enjoying the transition that this company is going through..
She will be here till the end...
The remuneration protest is not on the 20m options now up for vote.....it is the fact that 200m have already been put up and that is a very handsome reward for a very small oiler team...
Offer Gordon 20m options all for himself at no cost if he brings on a cornerstone investor from his connections...
Offer Cath 20m options all for herself if she farms out Djiffere...
Offer Ben 20m options all for himself if he sells Kenya leases for USD100m
They still have 45m options due to them...let those options run their course and then look at what happens after DOC....we could all be feeling very generous at that stage...
Just now...it simply feels wrong
FAR Price at posting:
9.7¢ Sentiment: Buy Disclosure: Held
(20min delay)