My fear is the Chinese/ERHC are withholding to accumulate EEZ properties and that means we're dead money until October at the earliest.
That's not acceptable. My daughter reports to college in July by going into debt because her father couldn't pay for it due to Ntephe's niche skill of producing words rather than shareholder value. I accept responsibility for my decision to invest in this 4 long years ago and I have asked my daughter's forgiveness because of it. I wish Ntephe was a man of character and would accept responsibility for his failures instead of pointing fingers at others. He's had ample opportunity to produce. Instead, he chooses to alter communication protocol with shareholders because he doesn't like what shareholder's say about his inability to deliver. That shows a character flaw incompatible with the responsibilities of running a public company.
If I seem bitter, I am. It's one thing to screw me over with words and failure to deliver, but now it's hurting my children. It's offensive that he feels immune to any responsibility for where this company's share price is. Ntephe has had 4 years to produce shareholder value. He chose to sit idle and wait on the JDZ. Now he wants to make excuses for not reporting to his shareholders what was found, even as it is showing up in industry publications. Who wouldn't be bitter? Which of you would tell your kid that you *can't* send them to college under these circumstances and not be upset with a CEO that has failed to deliver *any* shareholder value FOR FOUR YEARS?
I sincerely hope the answer is none. If you were in my shoes I'd like to think every one of you would be enraged. For those wanting to suggest that I shouldn't risk money I can't afford to lose... back then I had FOUR YEARS before I needed it. Who knew management would be so ineffective? We were talking of drilling "next month" when the PSC's were signed! Shortly after Addax published they would drill by the end of 2007. Now it's 2010 and management has produced a share price that is little over half of what is was BACK IN 2006!
What's NOT to be angry about?
As embarrassing as it is to share this, I feel better for doing it. I have wrestled for months with the college dilemma and finally told my daughter I just can't help her with college right now. I hope many of you understand now why I seem bipolar at times. I feel like I am an embarrassment to my children because of this stock pathetic performance.
Shame on me, but it is what it is.
