today on Fido ATP, news this investor <owns 5.2%> wants 2 directors to resign, revisit comp. policies,make chasnges to maximise shareholder value in a timely fashion. generally he is not an active investor apparently..guess he's getting frustrated ...
sorry cant post the link, as its on my ATP news wire..maybe you can find another source to link to.
Those who've been on this board for a couple of years know I am a long term holder of FXEN
If you want FXEN to be a success you are going to hire experienced, well-connected, intelligent, no-nonsense board members who are going to get rid of incompetent (for the job at hand) Pierce et al and hire proactive people who KNOW POLAND/LIVE IN POLAND and can motivate POGC (or more likely imo POGC's subcontactors) to GET THE JOB DONE! I am not saying it would be easy or quick, but knowledgeable, well-connected locals are just about the ONLY way to get things done in 2nd and 3rd world countries... What it boils down to is that we now have several YEARS worth of evidence that whoever we are working with now is NOT getting the job done, so IT IS TIME TO CHANGE!
zzz.....What are you going to do, kick POGC out of Poland and have FXEN take over their o+g operations? As I've said before it's their ball and their rules. Their regulations and their bureacracy. FXEN is a small cog in their big wheel and lucky to be that.
Hopefully we are close to some movement in activity and pps.
I'm glad to see at least a few people are willing to see the truth when it is right in front of their eyes. Too bad apparently the majority of shareholders would rather bury their heads in the sand and wait and hope than do something proactive about their once promising and now more and more dubious investment (ps and don't forget about the time value of money constantly slip, slipping away with FXEN...)
FX is the only foriegn company that has been able to do anything substantial E&P in Poland. List of failures to do so include Apache, Exxon, Conoco, CalEnergy, among others. FX was the first foriegn company in Poland to be an operator, drill a well, produce a well, form a joint venture with POGC, and so on. The facts speak for themselves. I don't like the current pace just like anyone else. If you can't live with it, sell or go short. I'm staying long. The potential for a TCF+ trend is still there despite the slow pace.
Ok. so you really believe in your heart, with all the logic and wisdom of your years, that this lot, FXEN, has greater political savy, along with the subtle influence of zloty's, than the BP's, Exxon Mobils, Royal Dutch Shell, Petrofina---need I go on.
It seems that the z-man's postulation is most likely.
Wanna know another suspicion that's nagging me. I may be cynical but I get the feeling this is about as good as it gets from Poland.
I do have one problem with Cohen, even though I agree with him. Where's his solution? Has he offered up any viable candidates for the board??? His whining is sounding like a liberal democrat......
I am complaining BECAUSE FXEN MGMT IS INCOMPETENT AND A LARGE PART OF THE REASON FOR THE INTERMINABLE DELAY. If everyone (partic. those with lots of shares) COMPLIAINED AS LOUDLY AND AS OFTEN as I do to mgmt (and mgmt felt that their jobs/gravy train were in danger if they didnt do something), just maybe the pace of drilling, etc. might pick up. But if everyone sits back on this/her DUFF (like you!) and says "the drilling pace is what it is" and accepts it WITHOUT QUESTION nothing will change and the pps will remain stagnant for many more months/years...
PS It is just like a self-loving, liberty-hating chicken-hawk NEOCON to try to SQUELCH valid dissent to a clearly unsuccessful program... (yeah, just like the national nightmare we all living everyday with the IRAQ fiasco...)
I believe Cohen's complaints are legitimate. It appears that Cohen's gripes are directed at Grundvig and Worrell, two BOD's that have virtually no oil and gas experience. Worrell's background is in real estate and Subway in Russia; Grundvig's background is in Accounting Software and Sports Nutrition, although he had a brief stint as a financial analyst with Petro Source during the early 80's. The other outside BOD's are legitimate, IMO. Hardman is exactly what you want; Goldstein has ties to Poland through his employment at Homestake Mining and brings valuable international law experience.
FX would be better served with two more independent members with hard core oil & gas on its BOD, IMHO.
Also, it's hard to argue that any of the insiders are even close to being underpaid.
With that said, they need to deliver and do so soon. The future is bright, if we can just get there. The continual delay is frustrating, but I am in this for the long haul. Upcoming events that should come to fruition by year end:
*Drill WG well (could open up TCF+ potential). Keep in mind that the WG well delay is primarily due to changing the well location based on seismic data. I would take a two month delay and a successful well over a rush it and drill it dry hole any day.
*Drill Z development well.
*Commence production in Wilga.
*Commence production in Z area.
*Results of 3D seismic in Sroda (could confirm TCF+ play).
September � November has the potential for a lot of good positive press releases.
For 2007, there should be drilling at a faster pace, assuming WG and Z development wells are successful and the 3D seismic shoot it fruitfull. Sroda production should come on line as well.
My sense is that POGC is currently reluctant to spend a large amount of capital until they are more sure of the Sroda area potential. The WG well and the 3D seismic are the key to POGC committing to rapid full scale development in this area, IMHO. If that happens, the pace will of drilling will pick up dramatically in 2007.
So maybe, if we are lucky and FXEN/POGC only fall half as far behind schedule-wise as in the last year, just maybe we will get enough good news to push pps into double digits by eoy 07...? I have to say I'm not overwhelmed at the rapidity of the timetable...(and I still say my grandmother could have dug farther/deeper with her garden shovel in the last two+ months - even if you made her start over once - than FXEN has with WG...)
report is by Dennis Jia on Dow Jones Newswire.
He is apparently unhappy with drilling failures,Public relations.,as well. He is not seeking overall change in direction, and did not name the 2 directors he wants replaced.
IMHO, we have a big time investor here who's getting frustrated <as I and other are>, about how these guys are performing related to how they are rewarding themselves.this may be the proverbial butt kicking they need.