I received an email from Managing Director Mr John De Stefani yesterday. Below are some points from his email I have paraphrased:
- expect an announcement very soon on the on progress and schedule of works for Perth basin permits
- in light of the current market in the oil and gas sector the Company has taken the opportunity to clean up some of its stock with new money in UIL
- Management are confident they have the makings of a substantial business with a permit holding position in the Perth basin which cannot be replicated
- Management obviously unhappy with the share price since listing but expect some nearology action in the near future from the likes of AWE and Warrego
- John continues to buy the stock at these levels
- Expect a Bell Potter research report by end of this month or early next month
This is all great news IMO and I will certainly be topping up more should the chance arise.
UIL Price at posting:
8.7¢ Sentiment: Buy Disclosure: Held
