RE:RE:RE:A BOD shakeup is neededGG, the rest of the BOD has been along for the ride all along. They screwed up on Athena and had a role to play in a poor contract where they did not protect shareholder interests by including penalties for Petrofac if such a long delay occurred.
GG - The LUMP SUM covers us for the project. I'm sure IAE was told "WE can DO IT . . . Don't WORRY . . Be HAPPY!" I say " GET IT IN WRITING!!!!"
Les is culpable in that just one month ago he was at the helm when a press release indicated all was well and good for this spring. Clearly, the project was nowhere near completion in January 2015. Either they mislead shareholders into believing it was or else they are clearly incompetant in having no idea how far behind the FPSO was. Either way, they failed shareholders
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GG - AB . . . 100% AGREE. If I was in Gdansk and was told we were 75% done, I would ask "Can you realistically get the remaining 25% done AND commisioning by Spring like you are saying??" Was IAE TOLD it would be done or did they trust PFC to be above board and say " Well??????" IAE has to work with these guys and the $$$ involved is huge. You DON'T pizz off your Contractors, suppliers, etc.
I'd like to hear SOMEONE admit SOMETHING, either PFC or IAE and take it on the chin for this. I can forgive a DELAY . . . But I have a tough time with INCOMPETANCE, if this is the case. The impression I got from their YE video is they will spin it however they have to to look like PETROFAC is the MAN, imho.
This may see $1 soon, especially if the 5th well results are ever made public and are surprising to the upside, but otherwise its dead money until Q3. We are down 40% since Wednesday and it is completely the fault of management IMHO.
GG - 5th well will be released, as this is in IAE hands, not a forgein contractor you really have no control over. This is really about the price of OIL at present. The project is going forward. IAE has little arm bending with their LUMP SUM contract. We have to live with it.
I'm in till they GUSH or SELL! Either way, the GEKKO will get PAID!!!
( Eventually . . Just like getting a TurboMan doll . . . E V E N T U A L L Y ! )
Till then . . . Shiny is back yappin' . . . So you KNOW the SP will go back up...
GG