RE: We need some good news asap! the new CEO is not new he is an economist and basically doing the same job as he has been doing for the last two months. I was hope for a change of blood with significant technical experience new aggressive people
This company has put together some great properties with initially great results but weak on developing significant resources.
This company is currently too small to have 9 vice presidents (this is too much overhead, high end salaries, for a company that drills one or two wells a year and takes over 6 months to test and evaluate.
How is it similar sized companies like Canacol CNE.T and Gran tierra GTE.T are able to drill 10 to 20 wells a year with testing results within a month of completing well total depth,
The Caspian area is well known for it oil/gas production and potential so I do not buy the excuse servicing equipment is unavailable as well this is why they bought all this equipment drilling and servicing this is unacceptable and a waste of money considering existing utilization..
Yes they have bough a number of drill rigs but who is running these drills and equipment sits around idle for months. Management claims that the equipment can be leased out when idle, well I do not think this is happening, A 2000 HP drilling can generate easily 30-40 million per year.
The lack of news directly related to drilling, testing and production performance is weak at best. Most of the last several release are just fluff.
The frustration comes from having such great properties and initial results, a management who appears to be unaggressive,
Until management can get a significant drilling and development program running and a number or major analyst on board there will be no significant shareholder value as reflected by the share price i.e dollars not pennies.
this is just my opinion. I own this company, and call a spade aspade as I see it.