RE: CEO SHOULD RESIGN Some of what you say has merit, some of it certainly does not.
Firstly, the re-entry was not screwed up. It was completed without incident and improved considerably (200-300%) the oil pay, when compared to the original Shell logs. The inability to test all intervals was a direct result of well bore damage from the original drilling by Shell, nothing to do with the re-entry. The operational aspect was excellent.
They have certainly made mistakes, but the re-entry was not one of them. The published NR stating an updated NI51-101 was the biggest, also the imo unacceptably long wait for this document that still has not been published has indeed dissolved all investor good-will and positive sentiment here. I have no good will left for this BoD.
But, if emotion is taken away as it should be, i believe this field has considerable value for either production or sale. As noted, i would like to see TSB-3 drilled. Conversations with Management have yeilded estimates of production potential from TSB-1 and TSB-3 of 7,000bopd (2,500bopd and 4,500bpod respectively), with advice that a 4,500bopd expectation from TSB-3 is a very prudent estimate.
For those who can be patient, i believe we will be rewarded eventually. We have oil confirmed and field that exceeds initial expectations. I think development and monetistion should be relatively straight forward. That said, i am not working on short term timescales. When could we see some production? 2013 is stated by Management, but looking at their track record on sticking to published timescales, maybe 2014 is more realistic. As this forms a small part of a long term junior portfolio, sitting next to more established investments, i can sit and wait for the value i perceive is there, to come to me eventually.
For now, this is just a 'traders' stock.
GLTA.