We been through this about a dozen times. I don't think all the price decline was due to not finding oil in the JDZ. And I don't think management did a good job of diversifying on a timely basis. I don't think they have done a good job of communicating and I don't think they have done a good job of understanding how to build credibility in the marketplace either. They constantly miss their own guidelines for getting things done. I don't think they have done a good job of raising capital either. Chad is a maybe and hasn't gone anywhere in 2 years. So the ONLY thing they did right in their LENGTHY tenure is getting the Kenya block. Maybe they can add a JV partner in Kenya to their resume but that remains to be seen. No real progress in the EEZ either.
I just think from where they started with some of the best properties anywhere and a nice bankroll to start out they should have done a LOT more a LOT faster. These guys weren't responsible for not finding oil in the JDZ but they also can't take credit for getting the JDZ to the point of drilling. That was done by their predecessors.
No matter what happens now, I seriously doubt that anyone will ever convince me these guys have done a great job. I believe what I believe and that is not going to change.
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