west klondike, page-64

Hap, your comments on the market are spot on, the whole junior/speculative market has been down for a long time. Most oil Juniors are down due to no confidence. Any coy without production or sufficient cash to ride out the storm have had to raise cash at ridiculous levels and this has punished most long term holders. That will continue imo and the gap will continue to grow unless companies can raise money.

The companies that were overvalued and hot favourites 2 years ago have been punished the most and have performed the worse. Some are good companies but their mgt had not prepared or adapted quick enough to the overall market.

GGE has not had to raise capital from the market since September 2011, that is almost 3 years ago now. It has managed it's cash and is now cash positive and profitable with established positions in an area likely to surprise in the future. It is clear to me that our management was best prepared and adapted quickest to the market conditions. They cop a heap here and across all forums but will be one of a few when the quarterlies that can say they are doing their job.

It is understable we are frustrated and waiting for an update but a spade is a spade and operationally we are in a very good position.

Post consolidation, GGE has outperformed almost every O&G peer. Those who have bought in that time have done ok.

Cheers