about now oil india must realize that they have been sold a pup when they very expensively bought into this company , the first indication is the firing of the Russian drill rigs whose staff have been virtually running the oil operation during the winter period .. this action will lead to some serious bad feeling in the area towards the company . the board have since 2009 never achieved a budgeted oil flow rate and the recent news is just a continuation of their mismanagement .oil india must try and extricate themselves over the coming year and try to minimize their losses .
a chart published in ireland high lighting the worst performing shares on the irish stock exchange in the past 5 years was headed by petroneft with a fall in share value of in excess of 80pc . what hope of success now with the same bod .?
IF ONE WERE TO LOOK BACK OVER THE RNS FROM THE BOD OF PETRONEFT FOR THE PAST 7 YEARS ,YOU WILL SEE THE SAME TYPE OF LANGUAGE USED , VERY SWEET WITH NO CONCRETE RESULTS FOR THE BENEFIT OF THE SHAREHOLDERS . THE DAILY PRODUCTION LEVEL IS LESS THEN 2K BRLS . THE FORECAST 2 YEARS AGO WAS FOR DOUBLE THIS PRODUCTION RATE . THIS BOARD SHOULD HAVE BEEN FIRED YEARS AGO DUE TO INCOMPETENCE BUT STILL DRAW HIGH SALARIES AND EXPENSES BUT DO NOT PRODUCE RESULTS FOR THE PEOPLE THAT MATTER ..THE SHAREHOLDERS.
in march 2013 the bod announced that production had reached 2800bpd , is the company advancing backwards ?
i have been a critic of the bod for the past number of years on the purely business basis that they have failed the shareholders by failing to deliver on production output ie forecast for 2012 was 4k to 5k bpd in 2014 they failed to produce 50pc of this volume .in the past 6 years this share has lost over 90pc of its value , a serious loss of funds to the unlucky people who purchased shares on the false promises of the bod . combined with this the bod has over the years misspent the cash flow with no results of any meaning to show for the spend , over the years their salaries and expenses are over the top for a bod that continues to mismanage .i am now forecasting that no production forecasts for 2015 and 2016 will be achived .
with a large fall in the share price does it indicate that a large shareholder has taken the view that 6plus was a great price going forward in view of the incompetence of the bod and their ability to deliver on new deal
the present board have failed to perform on behalf of the shareholders for the past 6 years dispite being well paid.natlata could not do worse and worth a shot,
it would be nice to know who the board have been talking to for farm in plus the terms of same or is it bluff in the battle with natlata .
let us hope the ministers of mismanagement are kicked out