AGM Attendance UpdateHi All
I attended the meeting. To start off the entire mood was very positive and anticipatory. Joe (Jtdd), Davenand and I asked a ton of questions and Suresh answered every one of them but in summary all the answers came down back to the fact that we are still awatiing the lab test results of the Santonian and there is much anticipation of good news:
1. Suresh was very clear that CGX cannot and will not act prematurely to get the market excited without confirmed lab results.
2. The question about the news in the media about CGX selling off assets or issuing more shares to fund othey wells, Suresh was clear that he did not say such and we need to be careful how we act on news via various meia outlets such as Oilnow etc as they do not represent corretly what the company has said. He further stated that any release from the company will be done via its official news release and only that we shoud rely on.
3. In terms of the valuation of the 4% issued to Fonterra for the overrun on costs on Wei1, he was adamant that an independent committee determined that and no board member or Fonterra had any play in that valuation. I asked whether Fonterra couldnt wait one more month for the results to get paid based on that revised valuation, he said that their stockholders wouldnt allow that.
4. There is interest in the find from other investors but management wants to ensure maximization of shareholder value so they so not want to entertain any until full results of Wei 1 is out.
5. Lessons were learned from Kawa and not repeated on WEi1 but the two wells provide enough evidence of the good potential of the block.
6. If the final results of WEI1 shows light crude in the santonian it will be the single largest find amongst minors.
There were lots more questions and answers of which Joe or Dave can add here. The only dissapointment for me was that the meeting was not on Zoom as well for other shareholders to access the meeting and ask questions of their own.
GT