The Abruzzo people recall the CEO Sergio Morandi going on TV in April 2010 telling us that they were going to start drilling in June. Instead, the hundreds of letters of opposition to the Ministry, the Gulf of Mexico oil spill, our protests and Ms. Prestigiacomo's ban on offshore drilling have stopped all of Morandi's grandiose dreams of turning a small oil company into a medium sized one, as MOG boasts on their internal documents and website.
On Spetember 30 2010 indeed MOG announced that it may
seek a sale of assets or the company if funding dries up in the wake of Italy's ban on near-shore drilling.
This is nice talk to tell their investors they are bankrupt and need to sell. This is also nice talk to say the people won, because the ban was imposed not only in response to the oil spill, but also because of so many protests, marches, letters, and communities rising in Abruzzo and Italy against offshore drilling so close to coast.
MOG lost about 5 million euros in six months, compared to 2.5 million in all of 2009.
Their revenue is halved. They claim their reserves from Ombrina Mare are double what they previously estimated but this is a moot point. Why?
JUST LEAVE US ALONE!
Of course the chairman Michael Bonte-Friedheim is trying to gloss over the truth: he says that
the Italian decree in June banning exploration and production within five miles of the coast had resulted in uncertainty around development of the Ombrina Mare oil and gas field, the group's principal asset.
Sirs, it is not "uncertain", it is ILLEGAL. Do you understand what this means? You can't do it without breaking the law.
The press reports that MOG is experiencing a material adverse effect on its ability to access further funding. Of course, who would want to put their money into an outlawed operation that is also hated by virtually all local residents?
Who would be so foolish Mr. Morandi, Mr Bonte-Friedheim?
Come on, you certainly don't think that people are that stupid! I bet that you yourselves would not invest in such a loosing endeavor!
Count your losses and leave. We don't want you here. Thank you very much - now just disappear.