RE:What's next I agree that the Anggun Indonesia strategy was devastating to all of us. With all of the technological advancements in the oil sector, this should of been avoided.
There are still many positive facts which we shouldn’t overlook. From the last quarter the proven and probable reserves are 1,843,000 barrels and 3P of 3,789,000. Every million barrels equates to $.50 per share. The L53-DD7 discovery of 29.9 meters in oil pay will greatly increase the total reserves.
An impairment charge of 57 million should mean less taxes .
There’s still about 30 million in cash, revenue of over 1 million a month and a possible new discovery in L53-AA South. The current reserves represent $0.90 and the cash on hand $0.60. The share price should be a minimum of $1.50, not including Andorra assets.
I do believe in share buy backs but not if executive compensation exists. Doesn’t make much sense to buy back shares, then give Executives shares as bonuses! When I first invested in POE, many years ago, there were a only 25 million outstanding shares. Jeff’s salary is over $300,000 and living and compensation for Thailand amounts to another $600,000. Bill Ostlund the CFO has a salary of over $400,000 per year. As shareholders we shouldn’t approve any further share compensation, until the SP increases to at least $1:50.
Brent oil price is around $44 US and POE is making money. I’m certain the wheels are in motion to sell some of these assets. I’ve received two dividends holding this stock. One for $.75 another for $.40. It’s about time that we get a substantial dividend. I’m optimistic about the future, just hope I’m still alive when this pays off!!