I'm sorry but the CEO has to go! What does he do all day?? What has he been doing for the past 14 years?!?!? Never mind I will ask him myself!
How can he promise that a partner would be announced by end of Q1?? He was even given an out when someone followed up with a question to clarify which quarter he meant, and Stan said March 31, 2013. His credibility is ruined. How will anyone ever take him or this company serious???
I'm still in shock that he hasn't even followed up with any type of update either. What a joke! He needs to go, immediately, and before he ruins any chance we have of taking this to the next level!!
Thanks for listening. I feel a little better now.
The next short-term loan is due April 13. The 10K indicates that management expects that to be paid when due. So what happens next is some update on the payment of that loan--we will know something within 10 days. I would expect the other short-term loans (due late April in the amount of $150,000 and $125,000) to be addressed at the same time.
Noble Energy appears to have moved up its drilling date from mid-summer (Q2-Q3) to April or May, according to #$%$_nicaragua_honey. That is consistent with Noble's general character--Noble tends to get things done when management indicates it will if not earlier. UBS just increased its price target for Noble from $126 to $145. Because Noble planned to have a partner for drilling in Nicaragua (and targeted a 50-50% partnership), Noble presumably has a partnership in the works for Nicaragua. Pretty good chance that will be disclosed within the next 60 days--prior to the actual drilling. Noble can easily drill the first well without a partner, and so it is possible that Noble will delay any partnership deal until later in the year.
The 10K stated that IFNY has 133 shareholders of record. Although those shareholders may be holding shares for others, that is still a very small pool of investors. If I recall correctly, there were more than 70 participants on the last conference call (though they might not have all been current investors). If the sentiment of the large shareholders is to simply hold on and wait until something eventually happens, then that is what will happen next. Otherwise, it may take a concerted effort of IFNY's shareholders to light a fire under Stan and get him to proactively, rather than reactively, pursue a deal.
I`m telling you guys and girls again. The EIS was approved by the regional managers something like 60-0.Unanimous! No opposition.
So now all that is left is for the Minister to sign. Maybe that has already happened.
So hold on, guys and girls.
Well stated. But Stan, by his own admission, does not listen to message boards.
It will be tough for any potential partner or institutional investor to take Stan serious. He was clear in his most recent conference call that he would have a partner Q1. More importantly, he gave another presentation in early March in which he stuck with a goal of Q1 partner. Obviously, he knew at that time it would not occur. The fact that he didn't or wouldn't update his presentation to provide accurate information to new investors is very worrisome.
Stan has been riding the coattails of others for 14 years. First MJK Exploration and then Noble. Stan touts that as a benefit, and IFNY has certainly benefitted from the efforts of those entities. At some point IFNY needs to identify itself as something other than a freeloader and to act on its own behalf. Not sure Stan can or will do that willingly. It will probably take action by the shareholders to move IFNY forward.
I agree that Stan has ruined his credibility, but the potential partners are likely still taking IFNY seriously. No one in the world believes or ever has believed that IFNY would develop this project on its own. Noble Energy, which is quickly becoming the golden child of O&G Exploration, has not finalized its partnership for drilling in Nicaragua. The fact that Noble is moving forward with its first well--now apparently in April or May--probably means that its partnership deal is close . Noble's CEO is everything Stan isn't. Noble's deal--which will likely come sooner rather than later--will benefit IFNY, but it also highlights the need for new IFNY management that can negotiate a deal.
Hopefully IFNY's investors have finally had enough and will work together to change management. Amegy can and should take control over management of the company in January 2014, but a lot could be lost waiting for that to happen.