RE:Power of a Website?I feel your pain 100% phantomblogger. CGX has paid $2.846 million in compensation to key management for the first nine months of 2020 (67% of this has come through share based payments). Truly astonishing, especially for a company with 0 boed production and no revenue incoming for many years to come.
With this, each of the 5 directors were given over 99% approval at the Sept 30 annual meeting (less than 600,000 votes for each person were 'withhold'). So unfortunately, even retail shareholders seem OK with these guys (even if just a symbolic vote 'no' would suffice). For the record, I voted 'no'.
Looking ahead, the website still offers great insights into the opportunity (something we have never seen before... only heard of and seen with offset drilling by Apache, Exxon, Tullow). The prospect of having multiple oil fields with over 500 million barrels of oil in place is remarkable and being able to see the seismic is pretty cool. Just doing basic number crunching for Kawa based on website and offsetting discovery press releases/literature (e.g., 100-150 feet thickness, porosity 20-30%, oil saturation 40-70%, acres of 10,173, Bo 1.25-1.5) allows for these pretty lofty oil in place calculations. Only downside is that billions of barrels of oil globally have actually been discoverd and is currently not under any development strategies (low oil prices, infrastructure, company debt, etc). My sincere hope is CGX/Frontera gets crafty and finds a way to bring a major IOC/NOC aboard to allow for exploring of oil
Who knows, maybe allow a company to gain 30-40% working interest and operating capacity for the sum of $0? In return, this company would fund CGX share of drilling cost for the multiple wells (that would be a fair trade off in my mind). This would allow these prospects to be drilled and more importantly allow the share price to skyrocket. Currently keeping 66% working interest but having no money for wells will never move the stock price above $1 and I am doubtful anyone will pay big money for this land right now. Companies just don't have excess capital to throw around (covid and low oil prices have crushed this for most companies).
So yeah, I know your upset and won't buy more shares (100% don't blame you). But I think the government now has way more say in CGX going forward. More importantly, the website ironically puts more pressure on them to get wells drilled... why... no more excuses since they are in essence saying to the world that they know where the oil is and have similar prospects to Apache and Exxon. Hopefully these overpaid exectuvies and directors can make a deal ASAP. If not, then the government I am sure will get involved again.
See what happens. Hopefully we see an early Xmas gift! Sure would be nice!