Time to reflect on this shambles!! It's only the end for now. Eventually, oil will be found in Dharoor and Nugal, but today confirms that even that is not just around the corner.
Pressure will come on the JV from the new government to make things happen sooner rather than later. The Somalian people are expecting that there will be oil riches coming in to help them build their country and set up the scene that will drag them into a world that is better than the one they are leaving behind them. Perhaps it leaves the door open for other exploration companies who are in a better position to carry out the proper research before the drill tip hits the ground.
So, what is to be learned from this farcical exercise, and that is just what it has been.
All three company directors are guilty of ramping from a very high position, from the front line so to speak. Perhaps PL was frustrated because of the lack of information given out by HRN throughout the whole drilling process. HRN produced a total of 10 very open ended updates since the initial spudding on S1. Hardly keeping us PI's up to date with events, and continually having to correct the markets from jumping to conclusions due to the poor quality updates that were being issues.
Totally unprofessional in my opinion. If I had done the equivalent in my job, I would have been out on my ear, and rightly so. 1990's 2D seismics just do not show the necessary information required to make a decision to drill Wildcat Drills in 2012. They knew that, but jumped on board their own hype wagon, stuck a pin in the map, and went ahead.
I hope that they have some idea of what real people, with real jobs feel like today, to see a considerable part of their investment been flushed down the drain. But of course they won't. They made sure that they have been paid handsomely, and have have been at the forefront of the news to advise friends, relatives, and anyone else who could make a quick buck out of the SP. They have been totally unprofessional from beginning to end.
Then, there have been the rampers, who practically drove it up the SP on there own. There are several notable names who played their part in pushing the price up, and the expectations of potential investors to part with their money. Will they feel any shame in what they did? Of course not, it probably served their purpose, and they made money out of the new investors whom they had encouraged to get involved.
Last, but not least, there is the ordinary punter, like myself, who perhaps get dragged along with the initial hype. The single most important thing in life is to take note of life's "lessons learned" and make sure that you never, ever fall into that same trap again. I will never ever invest money again in RMP, RRL, or HRN. It has been a shambles, and it is down to the decisions that they made, all along the line, and lack of credible information to allow us to make an informed decision. Latterly, they locked our money is, so that no-one could escape. I just wonder how they could possibly hold us to ransom like that, giving us no opportinity to get out since the trading was halted. Tomorrow it will hit rock bottom and it will be too late to salvage anything but scraps that have fallen from the plates of those who made money out of this adventure.
So, what is left? I'm going away...and I may be some time. I need to find a dunces hat and stand silently in a corner for a long time. I will probably leave that corner when they eventually strike oil in Dharoor and Nugal, and I will sell my 'make a fast buck' shares, and never, ever EVER look back.
The first time I have stuck a view on a post, because we can't do anything else. Anyone want to buy my shares for a buck???
Thought not!
GL
Hopefully we will drill Nugal later this year.............