re: Ann: Presentation Materials - Excellence ...
Barret - I think I am with Plough on this one. A bit of a delay and issues around hand-over can be expected. However, we are simply missing the boat here. Management have been talking for well over 6 months now about "good progress" on farm outs and strategic partners but, ultimately, we have seen or heard zippo in terms of results. If they are playing hard ball on price, we seem to be cutting off our nose to spite our face. By analogy, we're better off owning 1% of Coles than 100% of the corner store. Drilling program is also super slow. In the meantime, with all these delays and lack of any communication they continue to slowly burn through our cash once more. Personally, I had expected much better (I know there are no guarantees with exploration drilling but shoring up a strategic partner, progressing a drilling program, etc. is not rocket science). I can live with unsuccesful drilling results - that's just the game we are in; but this company seems unable to run its business effectively. Disappointing. Even more disappointing given that other small oil & gas players are really starting to make some inroads over the past few months (raising capital and getting on with good, new projects).
TNP Price at posting:
0.7¢ Sentiment: None Disclosure: Held
