Have just checked in after being on holiday and see that Phil really is Thick. Seems to be wanting to change the direction of this company completely.
If we wanted to invest in the Cooper Basin, we could have bought into Ambassador (AQO). Further, why didn't NSE just launch a takeover for AQO for $42m and obtain the whole permit!?
If we wanted to buy into the Eagleford, we could have bought into numerous other ASX listed companies.
I bought into NSE because I wanted virtually pure exposure to the Canning with some good cash reserves to back it up.
It seems like NSE has no direction and this is now of serious concern. Firstly, they were drilling in the Canning and had a few problems, terminated the drilling rig and were to try and resume asap. They still haven't restarted drilling in the Canning and then attempted to move onto Merlinleigh. They stopped before they even started to buy into these assets at a ridiculous price and commitment.
Why can't NSE just fulfill what they were intending to do? Gather a modern data set over the Canning and advance that investment. I knew I should have bailed when I saw NSE touting how their staff numbers had increased an extremely high percentage last year thinking it was some kind of achievement. They just have no direction.
NSE Price at posting:
11.5¢ Sentiment: None Disclosure: Held