Post by
TheLandedEagles on Feb 19, 2023 2:10pm
Question CEOs actions....
Im not convinced that CEO made the right choice (decision) in not waiting for the proper equipment to arrive for GULUC well...he stated that in the last paid video, with the interview with Coreena (Power Play) please go listen... he stated it couldnt be air freighted in, but trucked in instead....maybe a 5 day wait. Instead he choice to move slide rig over to West Akacko1 which does take 2 or 3 days and continue to finish off that drill process which he confirmed would take 35 days to reach total depth and select the pay zones and continue to preforate those zones first and then put Akacko1 in production. That I estimate at least would take 45 days in total to put West Akacko1 in full production. Then they would slide rig back to Guluc , which takes 2 or 3 days to do that and place that new equip in the hole to preforate those lower pay zones and I would estimate that would take 7-10 more days to do...during all this time, no renvenues have been generated!!!! with this move Art has wasted in my estimate and opinion 60 days, instead he should have waited those 5 days for the new equipment to arrive for GULAC and put that in production first, especially considing they hit a large 72 meters of gas pay....What he was thinking is beyond me ...and used the excuse of not letting the RIG sit and incurr costs....when in fact, my opinion is ...CEO has caused way more expenses in his decision to more RIG over before putting GULAC into production. Cannot understand his move and true reasoning in doing this. Simply to save 5 days expense for rig...does not work with me. I love to know his real motivation in doing what hes done in not waiting to put GULAC into production ASAP...in order to extract move revenues immediately ...now we have to wait at LEAST 45 to 60 days before we see any revenues from these wells.....The question I have, is what ART (CEO) was smoking at the time when he made that decision and behind his real motivation for doing so...just my opinion and very much do question his real motive...markets are very sensitive to unneccessary long delays and will react harshly with bad decisions by management. I want to know the real reason he did this, not simply to avoid cost of having the RIG sit (5) days really...no, his decision in my opinion has incurred much much more costs....my opinion only!! and not very pleased with his leadership on this move. Next , I do believe a financing is in play and maybe thats why that move was made by CEO to supress the share price in order to do a deal for a new funding placement....again, just my speculative guess...Im still a shareholder with much warrants, but Im questioning his decision and have a right to do so....his action must be held accountable. Lets see what happens....Im dont perfess to be an expert in oil and gas drilling, but reconize the signs of an upcoming finance ...seen these type of actions far to many times by companies in my experience with trading...JMHO...Do your own DD and look to question their real cash position currently...JMHO
Comment by
Investnowplease on Feb 21, 2023 9:37am
Precisely why you hire your own company drilling engineer consultant to oversee operations.