Sunday Thoughts:
I think, ultimately, we're going to be okay down the road. Sid knows what's in the ground, and other geologists have confirmed his findings. This is why he's still digging and why he's sacrificed so much in order to continue.
Think of the reasons we originally invested in TRGC. They still exist, as far as I'm concerned. From information I've gathered from private sources, the only way the deal could be struck with Ecopetrol was if there was a Colombian company involved. Hence, the existence of Trinicol.
It also seems that Sid Sers is better at digging oil wells than he is at doing paperwork. In retrospect, he probably wishes he'd assigned a different CEO, other than himself. This is evidenced by the fact that the consolidation paperwork never happened, and this likely gave rise to the TRGC-USA internal revolt and thus making the company easy pickings for SEC scrutiny.
Also, during this period of time the SEC was looking for targets, given the unique pressure it was under. Once the SEC stepped in, coupled with internal TRGC-USA employee dissatisfaction and frustration, Sid had no choice but to remain in Colombia in order to continue operations. Otherwise, the operation would have been a complete failure! The bankruptcy proceedings, I believe, bought him time to do so.
My view remains that no matter how bad the consolidation mess is, the drilling operations must continue and that TRGC-USA should be supportive. Is it possible to get an early court ruling that the two companies are one and the same? This would help tremendously.
If this could be accomplished, it might make it easier for US investors to continue to assist in the drilling operations. Presently, these operations seem positive in that we're talking about holes five and six, whereas a few weeks back it was merely trying to meet the deadline for four holes. Time is of the essence, not just for meeting drilling deadlines, but also because of political instability within the Colombian nation.
All in all, I'd forget about bantering over whether Sid's a good guy or not, or whether he's a crook. Let's just say that he tried to do too much at once and too much by himself and that it is this behavior that created the mess we're in.
Oh well, some thoughts to ponder. |
