RE:Another delay is not acceptableI must agree with you AB. I will not be in the slightest bit surprised if another delay is announced. Quite frankly I am not expecting Stella FO until spring/17. I hope to be wrong about this and will be pleasantly surprised if we see FO in January as previously announced. The November NR was likely just another smokescreen IMO.
Management and the board of POFS have no credibility at this point. I believe that institutional shareholders are of this opinion too and will not be buying in any appreciable amounts until FO is announced and independently verified as to production levels being at or above forecast. If we are lucky FO will be announced when crude and equity markets are still buoyant and not back on the way down, otherwise we will be the bag holders through yet another multi-year bear cycle.
Unfortunately, IAE management and the board have almost no incentive to ensure compliance with their continuously delayed schedule, or to ensure the project has FO sooner rather than later. As the share price falls they simply issue and cash in on more stock options at a lower price. For example, if you look at their Q3/16 financial statement you see that at Q4/15 there were about 19M options outstanding at a weighted average of $1.70; at Q3/16 there were about 28M at $1.16. So, we find ourselves the unfortunate bystanders in an options shell game we as shareholders can't control.
Not to end negatively I am still in this company as, despite they and Petrof*c's continued parade of blunders in executing this project in anything that remotely represents a "timely manner", Stella FO will eventually come to fruition and, provided it is not another Athena or INA Huntington experience (God help us all if it is), the GSA hub will represent considerable value to a corporate M&A buyout. At that point I could see IAE trading in the $2-$3 range provided equity and crude markets are still bullish.