what will 2014 bring, page-9

here here emusan, well said.
there are a lot of issues here. firstly, the current leadership inherited all of the problems, but some of those directors are still there. get rid of them, I say and see if we can get a new broom.
the past management created a lot of sins. it all started when the asset was purchased for about $10MM. the gas was then sold to Shell for $40MM. [I cant remember the exact numbers]. the company then spent over $100MM drilling and finding more gas for Shell's benefit.
then without knowing where the money was coming from, developed a gas liquid stripping project and then made large, nay huge, financial commitments. this carried a huge legacy.
then, once the liquids project was near to happening [refer AGM 2011], the rug was pulled and the asset sold to Shell with false promises of "no risk" returns.
it not a situation any one would have walked in to, but the blame should lie with the past directors and their multi million dollar payouts.

let's see some blood letting and get some of these assets and debts off the books. languishing at 6.5 cents is testimony the incompetence of the past directors. lets see if new directors can show a bit of entrepreneurial style. let DV demonstrate the validity of his reputation. after all, he's had a year with feet under the desk.