re: Ann: Requisition for Shareholders Meeting... You can forget...

re: Ann: Requisition for Shareholders Meeting... You can forget about me, I couldn't hack it as a director of a public company. Besides, I am only intertested in drug companies at the moment. Those that make anti-depressants.

I might sell out out of this completely if it bounces, or I might average down if it tanks and dump out asap at a higher price. I will NEVER reclaim the over $200k that has gone up in smoke on this oil adventure.

Had a similar thing happen to me with KML over a year ago. It closed around 15c, and had some promising projects that were suddenly valued at close to zero by the new board who got in on the back of a handful of shareholders.
On the basis of that valuation they then issued themselves and a handful sophs hundreds of millions of shares at 1/10th of a cent. Existing shareholders had no significant entitlements.
Then they backed in a small coal project and hey presto +24c and they were all instant multi millionaires.

But I have been thinking about ways of turning this around, and I think this WA project was the final nail in the coffin. If they had drilled UK and the oil production had come up they would have had a shot at raising at a higher price for TZ, and ditching Italy. But this WA focus makes me wonder.

Best case the new board can announce is a prorata placement, but how can you trust them to do this? Every time I have been in a situation like this I get heavily diluted. The opportunity for greed by those pulling the strings is too great to resist. But reading the article on my first post on this thread, which was the only think google returned, I am not sure that capital raisings will go smoothly if that is anything to judge prospects by.