MENA - will it be Bankers 2.0 or Indonesia 2.0Yes -- Richard Wadsworth was CEO during Indonesia failure. He resigned as CEO on Sept 2019.
Mar 2016 they issued 300M shares to buy Stockbridge to get Budong Budong PSC. They put lots of $$ into Budong even though its license would expire in Jan 2018. The Budong PSC was not renewed by SKKMIGAS regulatory agency. So all Indonesia efforts went up in smoke.
All under Richard Wadsworth as CEO.
RW resigned as CEO just as a new JV with PT Menara Global Energi would begin that would result in the Selat Panjang PSC. A 5 year JV that would lead to MGE ignoring Sonoro of 3 years and having Sonoro walk away with nothing.
Sonoro was clearly over its head in Indonesia. They choose drill rig contractor that had to be replaced -- they bet everything on Gov. Agency extending license ( wrong ) -- they choose JV parther ( wrong ) that screwed them over for 3 years before they walked away.
Yes -- RW did Bankers decades ago -- but he also did Indonesia.
Some here think he walks on water .....