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Gold/Mining/Energy : Oil Sands and Related Stocks
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To: vireya who wrote (2281)9/7/2005 12:26:32 PM
From: SofaSpud  Read Replies (1) of 25575
 
Re: CLL management

FWIW, I owned shares of Gusella's Indonesian venture, Carmanah, in '97 and '98. It was a high-risk offshore play. They had some light sweet production that they offloaded from the platform directly onto tankers. IIRC they had another prospect to drill, which, if it hit like they expected, would justify further infrastructure. If memory serves they ran out of money, but I don't recall if it was because they drilled a dry hole or if something else happened.

I walked away an unhappy camper because I lost money, but (unlike some other things that were going on at the time, like Merit, Remington, Probe) my recollection was that it was bad luck rather than bad management. And I knew going in that CKM was a very high risk situation.

Disclosure: I don't have a position in CLL, but am watching.
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