Merger saga, page-11

2011 was the turning point for them as Brad put in some real hard yards. Did the share consolidation on Jan'11, so DLS went from 2bil shares on issue to 206mil shares just like VicPet did a few years ago.

Then around July came the QGC shale deal (31.6mil shares & $90mil of drilling carried in the Cooper). Shareprice was 49c at that point. More imp. the changes to their clunky webpages later in the year deserves a mention.

Share dilution has been 1 of the unnecessary events (206mil to 461mil today). With that extra cash, they've grown
- their 2P2C resource base from 12 mmboe to 112.6 mmboe (july11 onwards)
- revenue: from A$14mil to A$251mil,
- Production from 112 kbbls of oil to 3 mmboe
- Sold off their Canadian business, bought some locals (Acer, Ambassador)

So other then SP, the rest of the bits tell a different story. Tough times for all oilers, big & small.

Wonder when SGH with 91.7 mil or Beach with 21mil shares in DLS will blink first or will they wait till December for the next OPEC meeting & AUD in the 60'cents.