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They have a signed contract. Period
The DOJ investigation is not why drilling isn't moving forward.
Oil prices won't stay down here for a long time. This is the Saudis attack on shale fracking players.
Tullow is in a precarious position. The contract requires them to drill which they don't want to do anytime soon. I'm expecting litigation or a cash settlement to get out of the contract.
That is THE question! I find it appalling and unacceptable. I've heard enough through the vine to know he should be addressing the shareholders, if for nothing more than to show people he's still in charge - which is debatable.
I like the way you think.
Selling down won't produce a lot of money based on 40% was transfered to Tullow for only 37m possibly 37m more if an appraisal well is drilled. I'm getting more convinced Tullow and HDY are headed towards litigation. Maybe they will pay to unwind the deal? If i were HDY I would consider that and jump into the huge opportunity in Mexico. Sell down Guinea to get the cash and keep 10%. One trick ponies aren't the darlings of wall street.
Sure doesn't, but I don't think they can wiggle out of their contract.
Wev have a signed contract thankfully.
Tullow to Stress Existing Finds Over Exploring After Oil’s Crash - - - Bloomberg
"Tullow Oil Plc (TLW), a British oil producer active across Africa, will emphasize exploration onshore in Kenya over costly offshore wells as the company grapples with lower oil prices."
“We just cannot compete on the international scene unless we cut those costs back,” Tullow Chief Executive Officer Aidan Heavey said in an interview in Cape Town. With “a high cost environment and lower oil prices, you really have to focus in on the areas that are more cost-effective to develop.”
"“Right now shareholders don’t particularly want big exploration because if you find oil in deep water the big question is, ‘where is the capital going to come from to develop it?’” Heavey said."
http://www.bloomberg.com/news/2014-11-05/tullow-to-stress-existing-finds-over-exploring-after-oil-s-crash.html
Pressure on the e government to finalize lawsuit??? There is no lawsuit just an investigation..
Jump ship??? when you're getting paid 400k plus 75% bonus to sit there as CEO of a non operating entity. Lol ok
Politics is a mindset which can shed light on the mindset of a person and how they think and would manage. It saves 800k but costs 700k in severance netting 100k in 2015 (just like I previously stated), not enough. Aka there needs to be way more. Your initials GL?
This is what happens when a CEO Is a raging democrat. They look at the money situation and say well I will just go get some more. No more than 4 employees is needed. The job cuts announced yesterday will save a whopping 100k in 2015. Ray is a disaster, complete disaster. Maybe if we paid him more than 750k he would do a better job SMH
Ray is a ragin' democrat and we all know how they treat other people's money...
HDY hasn't signed a tolling agreent nor has it waived the SOL. I didn't see any links in your message... The courts have only ruled a couple of times regarding fcpa Sol and they ruled a continuing act is a very high hurdle. If i believed HDY is conceiling or hindering an investigation I would sell. I do not believe they are. Whatever they are looking at involves a timeframe less than five years imo
It is that cut and dry. The accuracy of my statement was verified by someone in the know. If they are looking at the watts era the doj can't bring a case. The only outstanding event that isn't time barred is the arête issued by the president in October 2010. The renegotiated contract occurred in September of 09. It is my belief they are looking atcray leonards time frame not the watts.
The ways around the limitations issue:
The DOJ can seek court intervention to toll the statute of limitations. Second, DOJ can charge a defendant with conspiracy to violate the FCPA under certain circumstances
Or the act is ongoing
None of these apply here
The DOJ can't do anything to HDY that happened over five years ago. The statute is very clear on completed acts and the statute of limitations is 5 years.
Couldn't agree more. Good post
He's restricted from selling, period. This 100% fact. He is privied with inside non public information.
I don't see how Ray can give a presentation on Monday to potential investors. Any potential investor would want answers just like us shareholders. Seems like a huge waste of money but it's evident He's good at that. ---- unless there is a game changing PR between now and then...
He is restricted from selling. He's in possession of insider information.
Unbelievable they aren't addressing the owners of the company. Sickening
Time for a conference call, long past time.
They have a contractual obligation to drill. If they aren't in FM they must go forward ...
And why do you think the force majuer was lifted? All Tullow is doing is setting themselves up for a massive lawsuit.
Top nothched BOD? Lol you mean Ray's hand picked puppets? SMH
It is crazy. I've really never witnessed such blatant disregard for shareholders in my life. Really distgusting
I have lost confidence in Ray and especially the BOD. They should have a bare bones staff. Ray sat there during the first well disaster while many in the market "knew" what was happening with the severe overruns and lack of capabilities of that rust bucket... HDY will sue Tullow at some point for damages caused by the bogus FM.
Amen to that. I strongly feel the communication from management to share holders is the worst I've seen. Why the lifting of the force majuer? What changed? We know nothing, while Ray Leonard collects 70K a month as a holding company. SMH