It didn't take long for our new directors to destroy Galilee Energy.
Has posted many months ago, all they saw was $26 million in the kitty, and how can we get our hands on it.
With the price of oil dropping every day for the past 6 months, they decide to go a look for Shale oil in Texas.
Now with only $11 million left in the bank they decide to re start the Galilee basin project. Going by the SP today it appears that too has failed.
But all is not lost. Last month the directors all agreed to take a 20% pay cut. I'm assuming that's only to be able to stay employed for an extra year or so, till the last $11 million runs out.
Great job boys, thanks for nothing.
GLL Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
