The regression of mpo since we fired Stephen Mitchell
Ian Gorman/ Greg Lewis
1. Spent 1 whole year designing and implementing a strategy. We developed '0' wells and spent unknown amount of money for nothing. I reckon in that period we would have burnt 40 mil on salary/ wages and other rubbish. Thanks Ian for your contribution. You are a nomination for the worst CEO in the history of the asx.
2. Decided to not develop our only producing asset - mungi. We subsequently sold it for peanuts. It would be pure comedy if I didn't own shares..
Tim granger/ Greg Lewis I have got to say the TG was a step up from Ian Gorman. At least Tim granger tried to actually be and oil and gas company. There were a couple of fatal errors made by Tim granger.
1. In Tim's haste to move from explorer to producer he didn't commit the time and effort to surround him with he right people. It was particularly embarrassing for mpo when the Approach CEO critised our methods of producing. The approach CEO had no choice because our ineptness was effecting the value of heir tenements, our results were aloso inconsistent with bhp and approach.
2. The fire sale of the mungi field was a joke. It was a huge fail for our CEO and the board. This is the sort of action that undermines my confidence. This would not have happened under Mitchell.
3. After declaring wolfcamp un-economic he went to the board for additional budget to develop it... What!!! That is just stupid. I am now confused. Is it economic or not.
Finally.. What do i expect from this new guy.. Absolutely nothing and his first presentation is netting this expectation.
MPO Price at posting:
29.5¢ Sentiment: None Disclosure: Held
