Incompetent managersIt is really sad to see the value destruction caused by the mgmt of CGX.
When do you see an announced of a "big" discovery followed by shares loosing 60 to 80% of value.
It is usually when the discovery isnt what is being touted to be what is being claimed.
If the discovery were "true" then the big players in the neighborhood will hobble this up as they have the infrastructure in place to quickly convert this into production.
The players are Exxon, Total, Chevron, etc. Also players who missed the Guyana boom would love to buy a "discovered" block. None of this is happening.
CGX cant raise funds in the market as mo one believes in either the discovery or the mgmt or both. That is the bottomline.
Sad state of affairs.
I had warned earlier when they published Wei well results for investors to get out as mgmt is incompetent.
Good luck