Why are these guys doing a seismic half way down the hole?It's a...

Why are these guys doing a seismic half way down the hole?
It's a little late for a survey, isn't it?

Going to be interesting to see the cashflow statement tomorrow. I wonder how much cash has been burned on that UK gambit. I bet production has been a disaster yet again. I wonder whether we will need a third capital raising to drill that HZ well? Wasn't that supposed to happen in December? The longer they wait, the more cash we burn. It must be a year overdue now and as a result we have probably burned the cost of the well in ongoing maintenance costs.

The way that project has been going, we should be so lucky to be able to ditch it for a $2m cash payment and wear the multi-million short term loss.

Surely this company isn't being run into the ground deliberately??! Recent board decisions have really painted us into a corner, and it really makes me wonder!

If this WA well fails to be a producer as I suspect, we are going to be within a hairs breadth of an administrators meat cleaver. Bet some are pretty keen for that to happen so they can get their hands on TZ. Either that, or exposure to it via a huge dilution to some 'well connected sorts'.

Boggles my mind that the directors are prepared to pull huge sums out of this company annually given performance over the last few years and not even prepared to stump up any reasonable capital in the last rights.

This is likely to become extremely volatile in coming months as the companies financial prospects become ever more dubious.

Has anyone got to see a recent top20? Wonder if Ted is still in this. Huge volumes have been dumped over the last two months and it seems that everybody including management knows WA would be a hopeless case because nobody will touch the shares.

If WA is a disaster and because the UK has been delayed, is Ken likely to step down, or will he cling on?