Here are a few more of PN's many failures not a single one of which he ever admitted to or was held accountable for.
Nobody ever blamed PN for the dry holes. However, losing partners with a massive amount of deepwater and exploration experience and replacing them with inferior partners with limited exploration experience was a foolish decision that ERHC never recovered from. Both Sinopec and CEPSA are primarily refiners and marketers, not exploration companies.
And I wish that was the only thing they did wrong. Lost $5 million in an offshore bank scam. Didn't obtain a revenue stream by diversifying into producing properties. Didn't do much to cut costs soon enough. Didn't have regular shareholders meetings and BOD votes. Didn't get the AIM listing. Never got a partner in the EEZ in a decade of trying. Never got a partner in Chad and had to return all the blocks. Made terrible investments in Exile, S. Texas and Chad. Did a failed rights offering where only 1.8 million out of 18 million was raised. Completely bungled the IRS audit that turned a $2.0 million receivable into a $2.7 liability and an IRS lien. Signed a contract with CEPSA that left them owing $10 million that they can't pay. And to top it all off they they issued a couple dozen highly toxic convertible debentures that resulted in a 1:100 reverse split, the equivalent of 300 billion shares being issued and a .0001 share price. And then they defaulted on some of those too and are being sued for collection and alleged fraud. And they are also being sued by Kosmos for up to $500 million for reneging on a contract to sell an EEZ block.
If PN wasn't responsible for ALL of that, who was?
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