Rebels
I understand ALL of the reasons for Connacher being down so far including those that you have cited.
However, there are a couple you have left out of your recitiation. The reality is that errors and serious errors were made by management. Such as proceeding with Pod 1 in a seriously undercapitalized position. Such condition did in fact cause panic by all the way at the top management resulting in shutdown of operations, only to find when they restarted that resevoir damage had been done with resultant loss of field productivity. This then resulted in significant added ameliorative costs.
Then added additional capital was required to address the issues above and capitalization of Algar had to be reinstituted only to find that in an adverse environment, financing had become very restricted and more expensive.
To not take into consideration the above, does not appreciate the degree of risk that executive management placed the Corporation and of course all of the shareholders in. Under organizational structure more commonly found, soneone ( and we all know who ) would have paid with their job. Instead, he just collected a lot more really cheap shares. Of course, which he expected you and I, and all others here to significantly subsidize. There are absolutely no heroics here. Nor has there been any generosity other than what the head guy has bestowed upon himself and his buddies!
Brian
