Ann: Investor Update , page-7

RJ wrote: "I see nothing happening in the near future for the company that will now result in material appeciation in the share price."

Curious logic, RJ. TXN couldn't sell EFS because it didn't drill enough wells to verify value. Also, drilling wells at TXN's success rate would definitely increase revenue and profit, which raises company value. Yet you refer to this as "nothing happening in the near future". If "future" is tomorrow, I agree. If it means a month or two, we'll see.

RJ wrote: "Burned by another Australian oiler and not taking a chance with this one either."

Welcome to the share market! Some oilers succeed short term, some long term, and some not at all. SEA and HZN have worked for me, whereas TXN hasn't yet.

Fact is, TXN has underlying value that is suppressed by what appears to be retired mgt (but seem to be now coming out of retirement). For example, put SEA's mgt in here and this company would roar due to its excellent prospects and SEA's production skills (helps that they own their own rigs).