SlampoilI don't think this deal is going to go through anyway. I...

Slampoil

I don't think this deal is going to go through anyway. I don't think it is set up to go through. I believe there is a different kind of set up here.

if you look at the cash position and expendature in 2014

$15m payment to Magnum Hunter
$13m drilling of two wells in Eagle Ford
$8m 3D seismic of Cooper basin
$7m drilling of Merlinleigh
$2m drilling of 3rd well in Canning (excess in exp. after JV)
$3m administration cost
--------------------------------------
$48m cash

$37m in bank now
--------------------------------------
$11m Deficit

Where will they get this $11m cash then? They may get some $5m from the Eagle Frod wells, but it's still not enough. They can't make a cap raising (yes they can, if they are selling the company to MHR for nothing!).

They can't be so stupid for not seeing this table. Therefore they should have not talking about this deal.

So, the questions are here;

- why are they bringing this deal to the table?
(They delayed the Merlinleigh drilling because of this)

- why they have delayed the drilling of Merlinleigh, which would give a boost to sp?

- Why don't the directors of this company do the basic right things and always doing very unusual things, which nearly all of them are pushing the sp down?

- Do you think the accumulators will gain another big opportunity to accumulate more shares after this deal is rejected in EGM, and the Condon-1 well drilling is also delayed?

- Who are those guys pushing the sp down during last 6-8 months as if they know the sp will not go any higher because of the FUTURE delays and unexpected decisions of this management?

Again, as I always said before and as we all went through in last two years, many strange things are happening with this company. The management is always doing the unexpected things. Then they say "we understand the shaeholders' frustration, but..."

I still believe that the main startegic target of those accumullator/manipulatos is the resource under the Southern Canning project. They are accumulating the shares during the last 6-8 months. They will distribute those shares over many dollars ($3, $5 or $8,.. I can't know) after the billions of barrels of oil is announced in SC Project.

This deal with Magnum Hunter is not set up to go through I believe.

I am not in favour of it atm either because of the cash position and flow. It's very simple. If they can explain their cash flow plan I may change my decision.

We will see.