RE:The question is one of "management style"Public_Heel wrote:
If that press release had been issued by pretty much any other E&P that I've followed, it would have to be deemed a confession of failure at Banarli Deep. When you're forced to read between the lines in an E&P's press release, what you read there should nearly always be negative. The question for us, though, would seem to be, is VLE's management style different?
I think Value is totally correct in his description of VLE's Mgt style being "No Fluff". Which has advantages if you are always over delivering. Say little to raise expectations, then over deliver to the positive side.
So far, that has not happened. Normally when a company starts from scratch and issues warrants to the investors who fund the company, the warrants are issued to reward those early risk takers and are ususally priced based on share price expectations on the expiration date. Those 5 year warrents were priced at $5.50 and expired worthless in March when share price was in the .70s. So, just based on that fact and the fact that share price is about 50% lower than when the company was started, indicates to me.....under delivery so far. Scott Lamacraft, the largest shareholder, has lost millions on paper since the .88 high less than a month back.
I did sell some shares near the high but still hold a large position and am currently weighing my options.
I have these thoughts and questions and would welcome some discussion.
Is there an advantage for withholding the data from the fracking process that has been ongoing for some time now? I would think that if was good, publishing it, at least in simple terms in the news release would make more companies aware of a potention special situation and maybe bring more interested parties into the JV discussions. I would like to think some good news from this would come out soon, it would seem to me that TP would be one of the parties and if so, the news should come much sooner than with an foreign company. Any thoughts on this?
VLE is being hammped by their JV partner's lack of funds and TAT concentrating on their 100% property like VLE is. That has caused a large decline in the JV production and the main reason VLE lost $1mm Q1. It would seem to benefit both if they could somehow agree to spend some $ to at least get production back on track as I doubt it would take some. I did see VLE mentions spending a small amount here and I did see TAT say once again they were going to drill a required well in Thrace but now saying where they have a 50% interest. I assume the are waiting for the Y-1 equipment and crew. Maybe that is one of the 3 VLE wells maybe not. But TAT's woes are greatly affecting VLE at this point when looking at the sharp decline in production from the JV.
The last thing I want to mention is Y-1. BG-1s production is already dropping, anyone have a guess at what flow rate we need to see from Y-1 to have good news? I think M Shaw mentioned 2mmcf/d, what if it is less?
I hope to listen to the replay of the AGM soon and there is an updated presentation on the website and welcome any discussion on anything as I think many of us are scratching our heads at this point.
Thanks.