Ann: Annual Financial Report 2014, page-7

1H, that is a fair point and one we all have no doubt pondered on for some time. Ultimately it's a personal choice and we can all see other stocks go up and consider opportunity cost which creates doubt but Mgt don't set the SP and overall I think unless believing that the sector sentiment will improve then being in most O&G stocks over the past few years has been a sidewards or lower return for most.

There has been some high wealth destruction over the past year in the sector and in that regard I would argue that although our returns have been low we have our investment intact and some confidence that our money has been put to good use for the future. We have not been asked to contribute financially which has always been a key consideration to me because the risk of CR's in these times basically wipes out much of the future potential of these companies that was reflected in their SP.

The cashflow statements are the best guide to pending capital raisings for most Junior's. Imo the biggest business risk is not drilling but CR and dilution, in that respect it could be argued mgt here are achieving their goal. The salaries are not excessive and modest when compared with most peers, many of which have no profit and have significantly diluted earnings over the past year.

There are several low risk, funded oilers atm and our experience here is of value if we can put it to good use by identifying them and not getting sucked in by sentiment. I believe drawing on our lessons will provide future gains and achieving leverage via a few well selected stocks will provide low risk/ high reward. We can buy/sell any day and imo there is nothing wrong with having a smaller positions in a good balanced portfolio but that is not advice.

Good luck whatever you do, I hope anything I post is informative but should not influence decisions. Market is not always right and as long as our decisions are informed and considered over time we should make less bad ones. That's the plan anyways.
Cheers