Ann: Canning Basin SPA17AO - Conversion to Exploration Permit, page-26

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Albright

1,815 Posts.

12/12/14

10:16

Post #: 14450056
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Originally posted by blackhat ↑

let me just recap a few memories from the past 3 years...
76H cost about $30 million; 1200m lateral; well stuffed.
77H cost about $15 million, 350m lateral; well noncommercial
India oil price high, gas price high
Not much money in the bank
3 well program will cost about $50 million, OEX share about $22 Million. I wonder where that money will come from? At 5c a share, that's another 440 million shares on the register. How do you feel about that sort of dilution?
Surely, a company that has not made profit for 5 years is not a well run company, regardless of whether we are at a peak or trough of oil prices. How many years did STO run without profit, do you think BHP would keep a manager if they don't make profits. How do you guys support this management? I'm baffled. Imagine how good the SP would be if the company made money! why not get together and sort this out? Once the management is replaced, I'm reinvesting, this company has world class assets run by world class drongos.
Options are probably worthless by now. there's nothing planned between now and expiration date to change the landscape.

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I think the problem here blackhat is that most of us are not major holders so as I have said before we do not have the power to change the management if our small amount of votes mean nothing. Change has to be driven by the top 20 holders. Questions really need to be asked about why the top 20 holders have let RM and company line their own pockets for years without giving anything in return.

OEX Price at posting: 5.0¢ Sentiment: None Disclosure: Held
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Ann: Canning Basin SPA17AO - Conversion to Exploration Permit, page-26

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