A note from William Lamarque, CEOMany posts on the lack of NR's regarding the drilling program in Rio Zarza. While I share many concerns, I have been in contact with Willie Lamarque, EC's CEO. I find him very responsive, candid, and quite professional. His experience as a banker at Rothschild clearly shows in this note, which, while I have edited out personal commentary, is very much intact. It reinforces comments he made a few months ago in the Q&A published in the EC website on the objectives of the company, and his communication policies:
We may be a juniorbut we are not a promote company. We follow big co practice and won'tdress up short term exploration results to meet short term stock priceexpectations. We will announce drill results on a milestone basis. Youhave the wrong ceo if you want things done differently from maturecompany standards.
I get your point ontransparency. I am broadly with you as are regulators, press, etc. But Iwon't help short termists with their punts at the expense of our longterm supporters. We drill season by season. You will have read that weare dramatically increasing our RZ spend in the light of outside adviceand our own instincts. You can draw strategic conclusions from this.
I won't put long term shareholders like yourself at the mercy of spec money by offering up semi digested tactical info.
Sorry to reply robustly but we have robust views on these matters.
Incidentallywe have no small fry shareholders. There is a common group of usincluding you and I, jointly exposed to the performance of our equity.
Best wishes,
William Lamarque
From Donny: Anyone care to let me know of another company CEO - anywhere - who would write such a candid note to a shareholder?