I know I'll probably be the lone ranger here but my concern is that aside from having a huge amount of stock on issue, we keep raising capital (or issuing stock for future drilling operations) without ever actually accomplishing anything. There is an excuse for every delay - over and over again. Another year has gone by without any tangible action on the ground.
Given drilling is so "imminent", unless management has no confidence in our current assets (in which case we are all up the creek without a paddle) why not hold off until you have drilled your first well and get a bit of an uptick in the long suffering share price? The argument that we are "looking after current shareholders" is flawed - all current shareholders benefit more from an increase in sp (and later smaller dilution) then being "afforded the opportunity" to double down at current price levels. Getting the sp to move to even 4c or 5c is nay impossible if you keep issuing millions of shares like monopoly money.
If it is management/board salaries we are funding (which I suspect is driving this), I would have preferred to see some sort of option arrangement rather sucking more cash out of shareholders and increasing the ever growing pool of stock on issue. Align the board/management objectives with those of the shareholders.
Continued lack of tangible results is just disappointing.
Given they are now chasing more cash, I suspect we can ready ourselves for the next set of delays.
I am probably doing myself a disfavour but given the track record over the past two and a bit years, thanks for "the opportunity" Board but I will pass until you get some real runs on the board. Good luck to all who participate - I hope you double your money quickly!
TNP Price at posting:
0.6¢ Sentiment: None Disclosure: Held
