Why keep such a overly paid management team/BOD around now?At this point, its painfully clear that CGX has been paying tremendous amounts of money to a bunch of board of directors and senior leaders (e.g. Durkee, Stockinger) and have recieved literally no value in return. With Frontera controlling the shots now (officially), why keep these useless stiffs around?
I suppose this is where De Alba's "dealmaker of the year" status comes into play... he has played the entire CGX team for a bunch of fools. The fact Frontera controls literally 90% of the Corentyne opportunity now (WI and ownership of CGX stock) for less than $500MM USD in investment is truly a massive accomplishment IMO.... especially considering all the massive discoveries in nearby wells by Exxon and Apache. Hell, companies have paid more money to enter true wildcat basins in eastern Canada and Asia. How these guys at CGX sleep at night is beyond me.. guess a bank full of cash for doing nothing is a perk not to be taken lightly.
I suppose this is why someone like Jennifer Budlong got the hell out. She realized what a bunch of lazy and immoral losers she was working with and bailed when she could. Because lets be real... she could have sat around like Durkee or Stoockinger, collected ~$500,000 CAD per year before overly generous stock options, and do literal jacksh*t. No wonder De Alba keeps them around... pay a bunch of crooks good money and they allow an external entity to rape the company for their own benefit.
Bigger question now... even if Wei-1 is a big success, what prohibits Frontera from raping CGX again? Kawa-1 was supposed to be the turning point for the company... and back in February (post initial press release) it was. Instead Frontera (I am convinved) pushed CGX to release cryptic news releases and allowed the share price to plummet. What stops them from doing this again post Wei-1. Not like CGX has even proven to make any deals that actually benefits the company.