If that CEO was spouting about increased shareholder value and growth like Ntephe has been they would screaming just the same.
When was the Bovell interview talking about growth, acquisitions, and AIM list listings in the next 12-18 months? If you haven't been paying attention, it was three years ago... May 7, 2008.
Ntephe's "incompetent failure" has nothing to do with drilling results. We all know and accept that Sinopec will drag its feet and work at its own pace. It's the dozen or so inititives that Ntephe talked about and then never bothered with that have people p|ssed. The CEO that was responsible for doing what is best for shareholders repeatedly spewed words and never followed up with actions. In most circles that is called "lying". He told shareholders what he thought they wanted to hear and did nothing to achieve it. As the CEO of a tiny 5 man company he happily took $250K and Bovell $200K every year, and between them they had no plan B, ZERO. To listen to them you would think the opposite. Now they are standing there basking in their stupidity for not lifting a finger to do a "what if" scenario addressing an operator that refuses to disclose results. Now Ntephe finds himself screwed, so he panicked and did a disasterous private placement to raise a paltry $1.8M and knocked 30% off the share price... destroying $100 MILLION DOLLARS in market cap for the blunder.
The fact that he would punish his own shareholders like that because *he* failed to prepare for FOUR YEARS shows he is not competent to run a public company. The man is incapable of taking responsibility for his failures and blames us. What has happened here is wrong in every way.
THAT is what shareholders are p|ssed about. Ntephe's failure to prepare, even though he indicated otherwise, has added unnecessary risk to our investment. Please stop misrepresenting it as something it is not. We all know the timelines are long, we just expected that the CEO of ERHC Energy would know that too, and prepare accordingly. His words over the years indicated that he knew, yet his actions show that he did nothing to mitigate the risk. That is the personifiction of "incompetent failure".
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