Post by
politicat on Jan 20, 2024 3:20pm
MENA - will it be Bankers 2.0 or Indonesia 2.0
Yes -- Richard Wadsworth was CEO during Indonesia failure. He resigned as CEO on Sept 2019.
Mar 2016 they issued 300M shares to buy Stockbridge to get Budong Budong PSC. They put lots of $$ into Budong even though its license would expire in Jan 2018. The Budong PSC was not renewed by SKKMIGAS regulatory agency. So all Indonesia efforts went up in smoke.
All under Richard Wadsworth as CEO.
RW resigned as CEO just as a new JV with PT Menara Global Energi would begin that would result in the Selat Panjang PSC. A 5 year JV that would lead to MGE ignoring Sonoro of 3 years and having Sonoro walk away with nothing.
Sonoro was clearly over its head in Indonesia. They choose drill rig contractor that had to be replaced -- they bet everything on Gov. Agency extending license ( wrong ) -- they choose JV parther ( wrong ) that screwed them over for 3 years before they walked away.
Yes -- RW did Bankers decades ago -- but he also did Indonesia.
Some here think he walks on water .....
Comment by
copperplay on Jan 20, 2024 5:03pm
I'm pretty sure RW had nothing to do with Indonesia that was all Bill Marpe who lives there with Henning not to mention Chris Atkinson and David Kirk Guess we are about to find out Bankers or Indo 2.0
Comment by
StratCap on Jan 20, 2024 5:36pm
Sounds like someone got flushed out of the stock at 2 cents when the Indonesia projects failed. I can understand why they would be lamenting the past to where we are today. To make money in SNV, one must embrace the future. The past is the past. GLTA
Comment by
FabiusCunctator on Jan 20, 2024 11:28pm
It is so obviously sour grapes and from soneone who had been following the stock for a long time and sold out for a loss only to see their worst nightmare of a bouyant stockprice shortly thereafter. It is never too late to repent and buy back the position.