According to the Waldorf Productions CFO, the failure began on 20th May 2023. This means during the AGM, senior management was already aware of a serious issue at the Kraken field yet failed to appraise shareholders of what was happening.
That is rather dishonest and downright poor corporate governance. Insiders already knew hence the drop in the share price from on 24th May (from 67 sen to a low of 63 sen). I reckon it would've become clear by 23rd May (evening UK time) that the field would have to be shut-in after an attempt to restart the facility failed, hence the heavy selling the next day.
If the event happened on 23 May, then it has been 2 weeks since then. Shouldn't BAB mgt know by now roughly how long and at what cost will be the shutdown/repair.
Rather than allowing CIMB to assume 6 mth downtime and at a cost of USD50 million repair.
Come on BAB - PLS be more transparent for the sake of yr shareholders
The incident happened on 20th May 2023, this much is confirmed by the CFO of Waldorf Production, which hold a 29.5% stake in the Kraken field.
I am extrapolating (based on the share movement pattern) that by the evening of the 23rd of May 2023, it had become clear that the field had to be shut-in following a failed restart procedure.
So, the Kraken will be restarted this week. Workaround in place. No change to anual production guidance for FPSO.
I have a feeling that this 'Greedy Gary' tried to create some panic selling. This guy has no decency in his money apetite while disregarding all others on the team. Even 1.5 million extra per year (resolution 8) is not enough.
Why enquest did not mention any performance impact regard to kraken during last night AGM ? Kraken cover almost 40% of its annual output. If the issue really significant I’m sure they will revise their projection forecast. Why???
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
nikicheong
2,497 posts
Posted by nikicheong > 2023-06-05 21:49 | Report Abuse
According to the Waldorf Productions CFO, the failure began on 20th May 2023. This means during the AGM, senior management was already aware of a serious issue at the Kraken field yet failed to appraise shareholders of what was happening.
That is rather dishonest and downright poor corporate governance. Insiders already knew hence the drop in the share price from on 24th May (from 67 sen to a low of 63 sen). I reckon it would've become clear by 23rd May (evening UK time) that the field would have to be shut-in after an attempt to restart the facility failed, hence the heavy selling the next day.