RE:RE:RE:RE:Crunch time upcoming soonHow long have been invested in CGX, I am curious Blackgold? You probably think everything is normal. Nothing has even been normal with CGX, just one foolish move after another. I have been here for over 10yrs and many for over 20yrs.
Look at this summer... share price well over $2 for a couple months. CGX could have easily done a open market share raise @$2 and gotten new investors into the company. They easily could have raised $200MM CAD... with the right PR and right messages, 100 million shares would have easily been gobbled up by new investors. That money would have guaranteed the completion of Kawa, the drilling of a second well and completion of the port. This is what a smart company would have done in the absence of a JV.
Instead, what happens... useless town hall meeting at the end of June from CGX that looked like a amateur production. More shares to their buddies at Frontera @$1.63 this past month. Even worse, CFO goes and sells her shares, and we get a temporary push of the share price down to $.95 for a couple hours... and we now get CFO changes and Frontera had to do a crisis PPT to investors a couple weeks ago just to calm market nerves. Like what in the living hell is normal and straightforward about that?
This stock price should be well over $3 just due to anticipation of a oil discovery in a hot basin. Instead we sit below $1.50 and have only money for one well. Regardless of how kawa-1 turns out, the recent activity over the past couple months have been disgraceful. To me, it demonstrates amateur hour operations and certainly not what I expected from someone leadign the charge who has been awarded "deal maker of the year".
As for your comment about management having shares.... yeah, gifted warrants and options. I guarantee us retail on this stockhoue board have more open market shares than these management folks put together. They have no skin in the game. If the Kawa-1 well turns out, they win via easy market conversions. If they well is a bust, they still get their salaries (very generous ones) and lose no money on the stock.
Like I said, I am thankful I finally saw the light and started trading CGX more seriously instead of having blind faith in the final process (i.e., well TD). Much of this has to do with my complete lack of faith or respect in management. Anyone can drill a well... takes actual smarts to take advantage of the opportunity, and this management team certainly has not done that and hence why we still sit at $1.46 CAD.