Geo-Finance - Progress to dateSince Geo-Finance took over we have achieved the following:
1. A major shareholder dilution (although I agree this was better than going out of business).
2. A board room clear-out with associated costs (necessary but painful considering the incompetence of the previous management).
3. The loss of the Chaal permit (News Release 15/06/10).
4. The collapse of the Madagascar farm-out deal (News release 26/06/10).
5. No progress on restoring El Bibane to production, despite announcing a program that was expected to start mid-year (News Release 22/04/10, also in MD&A). No rig, no news.
6. The late commencement of drilling at Ezzaouia, after a rig inspection that took 7 weeks to complete (from Sunday 25th April to Monday 14th June). No cost to Candax apparently, apart from the fact that one well would have been completed and producing in that time.
Is Mr. Debray and his Geo-Finance team any good?
I’m not seeing any significant progress other than Ezzaouia, and there are a few things about the Ezzaouia project that could do with further explanation.
Where is the update on the El Bibane project?