RE:RE:RE:RE:RE:What is Chen saying?Bernieacke,
Your observation is also the same as mine.
Based on POE' s press release dated 22 Mar 2018, POE stated the following ;
"Drilling of the Ayu-1X and Elok-1X exploration wells satisfied the East Jabung PSC firm well commitment of two exploration wells to be drilled prior to the expiry of the first six year exploration phase. The initial exploration phase of the East Jabung PSC has been extended by the Government of Indonesia to January 20, 2019."
The questions are
- What would happen if POE/Repsol can not drill Auggun-1X well before 20-Jan-2019 ?
- How could Repsol (the oeprator) failed to foresee the issue about the land quarry permit for road construction since they have lot of experinces in this area ?
- Was the land quarry permit required to build the temporary road when they drilled AYU-1X/ELOK-1X? If so, how did they manage to get it approved?
- POE as the joint venture must have known about this issue for a long time but the communication to its shareholders is very limited.
- Company' s cash is decresing every quarter eventhough the oil price climbs up to +/- 70 USD/BBL. I do not see any plan (initiated by management) to turn the EPS from negative to positive.
- Based on the above performances, POE' s management granted themselves for the share options. OMG!!!.
101OilMan