RE:RE:RE:RE:RE:Proxy Voting RecommendationsYour right soulfire. Kawa-1 was a major success. Whole point of exploration wells is to explore for hydrocarbons... and CGX/Frontera discovered 228ft (69m) of hydrocarbons and ~40% of that was light oil... that is a massive success.
Where CGX screwed up royally was only having enough money to drill one well. Any O&G person will tell you that additional appraisal wells are required on any exploration discovery. Hell, Exxon JV drilled three additional appraisal wells after their massive Liza-1 discovery before making any FID. The fact CGX did not secure the money needed to drill Kawa field appraisal wells speaks volumes to how brain dead De Alba et al truly are.
End of day, I have absolutely no idea what in the living fu*k Frontera is trying to pull by having CGX worth less than $1CAD/share. Yes, they probably will get additional CGX shares for cheap to help finance Wei-1... or if they wish to keep less than 80% ownership of CGX, they will get additional Corentyne License for cheap. With that, they have pretty much telegraphed to the entire O&G community that they think CGX/Corentyne is worth so bloody little.... so why in the hell would any IOC/NOC ever pay any sort of premium to Frontera for their massive steak in Corentyne? This folks sums up how bloody brain dead and useless Frontera's Board of Directors have been to their shareholders.
So yeah, does not matter how great the geology of Corentyne (or Guyana) is or how supportive the government is towards O&G development. Without a management team capable of doing the right things, all upside opportunity is usually for nothing. In fact, without government support, CGX would have been dead years ago.... this sums up how utterly useless both Suresh and De Alba have been.