Hi Akrotiri, I feel your pain too, but the company is hardly...

Hi Akrotiri,
I feel your pain too, but the company is hardly disintegrating. We have one ex-director selling down in a rather foolhardy manner, which is crucifying the share price and hurting confidence. Sure management should have got ahead of the curve here, and I think they have dealt with it incompetently, but Warro is still very much up for grabs.
As for the divestment, I am a little surprised that they would sell a good asset when O&G assets (especially shale assets) are so depressed. The question is why? The last quarterly says they have $1.7 million cash in the bank, which given admin costs (and the fact that drilling is paid for by Alcoa) should cover them for the year. So, the extra $2 million gives them a hand buffer. And good cash levels can often unlock equity raisings down the track. The other obvious reason for this asset sale is that they want some extra cash because the Alcoa funds are nearly finished, and given we have only fracced Warr0 5 and 6 for 'testing purposes', they might need to stump up some cash to go back and do another 'full frac' of the entire gas bearing interval (once the water risks have been mitigated).
Come to think of it, the announcement should have given some indication of what the funds will be used for. Just another indication that management see this company as there own, with shareholders along for the ride (see also TSV demerger, complete complacency regarding ex-director sales, handing themselves directorships for the unaccountable demerged entity).
Next AGM I would encourage everyone to remember this period. We should really be thinking about getting at least one independent director (as in no long term relationships with other boards members, and not linked through other company boards) on the board, and removing one of the insiders. Then again, the current and former directors seem to be treating this as the last roll of the dice so these sorts of considerations are probably not even on their radars.