Breach of fiduciary duty? I am no lawyer, but I find that PDQ management, IMO, is getting precariously close to neglecting their fiduciary duty to protect the interests of shareholders.
We have had cash spent on an initiative that we farmed into and out of in the space of a few months. (California).
We have had multiple wells drilled into apparent discoveries only to have the wells poorly completed or badly drilled to begin with (i.e overbalanced) eg. Tuqueque (didnt even reach target), Dorados 1x (overbalanced), Loto-1x (poor cement), Kamal-1x (poor cement),
We have had a project in Paraguay, though highly touted by management via presentations, fall through and be dropped
We have pulled out of Peru at approximately a break even
A 5 well program at CPO-5 turned into a 2-well program with both wells poorly drilled, and no forward plans provided
A shareprice drop from 0.70/sh to our current 0.045/sh ...
A 3-4 well drill program at La Maye which has waited on flood waters to recede for 3-4 years ???
A steam pilot at Bugainvilles sitting for 2+ years without info.
We have been poorly informed on various fronts via news releases ... eg. Dorados - (compare SNN vs PDQ releases), Loto and Kamal (timelines? follow-up plans? pool sizes?), no presentation since June/July of last year, little information on SNN arbitration, no capital expenditure projections or even drilling campaign projections, etc, etc ... I'm sure I missed a few.
It is time for some clarity and honesty, and if they cannot provide it, sell the company to recoup at least SOME of the shareholder value that is left.
Very frustrating.