Not sure that I can agree with your negative assessment. Mgt are, it seems to me, working pretty hard on getting maximum bang for buck. Sales revenues are up, reserves are up, etc, but instead of pouring the money out on flashy high-risk exploration they are trying to get the safer returns coming in first (eg, Cooper Basin - 5 wells). But they have found new stuff at Gemba, they completed a 30-well program in W Surat, and they have some significant free-carry that should be too far away from delivering . They do appear to be gearing up for a sharply increasing level of activity. Maybe it would have been possible to shove more money into more eye-catching exploration and development earlier, or maybe that would have been irresponsible? I'm happy to see how they go, and I'm in no hurry to replace anyone. But I do want to see lots of gas being piped off to the E coast and soon. They are selling more into SA which is OK, but the E coast is where SXY's real $$$ future lies.
SXY Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
