RE:RE:RE:What is Chen Smoking? (redux) Haha, priceless, Surdiman2.
Was thinking about the future of POE. Management is talking big...
At the East Jabung PSC in Indonesia the operator has completed a great deal of technical work that confirms the confidence that I and the Pan Orient Board of Directors have always had in the great potential of this asset. The drilling of the first East Jabung exploration well late in the first quarter of 2017 will be the focal point of one of the most exciting periods that the Company has had since its inception.
And then the probability of commerical success is in the 10-20% range. We all hope they hit big and if so we'll be inclined to forgive or at least it will be easier to forget management's consisitent failures up to now.
But supposing that East Jabung fails, what's left? Cash and Sawn Lake, with the remaining half of Thailand covering corporate expenses at best. Personally, and like a lot of shareholders I think, I'm done with the idea that Jeff is leading this company anywhere. So this is what I'd like to see happen: return all cash to shareholders, minus what's required to keep Sawn Lake on care and maintenence for say 10 years. Sawn lake can be a long term option on WTI returning north of 80. POE renames to reflect that it is an oil sands holding company. Jeff can get a real job at a real company and in the meantime retain some small PT role at a much reduced salary to handle the formalities assuming it will eventually be sold.
Assuming that they did something like what I'm suggesting, we can enjoy a free roll of the dice in the coming months.
GLTA.