Makes you wonder why the UK subsidiary was not put into admin a...

Makes you wonder why the UK subsidiary was not put into admin a year ago because it was haemorrhaging cash and the company had no imminent plans to drill it?

Guess the need to have a project that could be used for repeated capital raisings outweighed the dead-weight ongoing cost of production? Too bad, because I expected an increased oil flow there would have offset the high ongoing 'admin' costs. But they cannot pass the hat around for what, a 4th?, time as they have well and truly crapped in the bed they were lying in.

But the time we are finished with this board, I expect most of the remaining cash will have vanished into others pockets for 'services rendered'. If we are lucky the projects will remain in the company but these could vanish at the stoke of a pen at any time.

I don't think Italy is worthless. We just have to wait longer until the coming energy crises forces their political hand. Once people are starving, unemployed and unable to pay rocketing energy bills in a year or two people wont have time for the socialist-green alliance stalling every industrial project proposal.

For me the board has demonstrated with this Zeta deal that they cannot dig us out of the hole they put us in. Fine. But then why is Ken going to hang around afterward? And not even as a technical advisor! As the only 'oil man' I find that odd. Makes me wonder why we were paying him so much in the first place.

I am happy to give a new board a go to see what they can do. Unlikely that it can be worse than what the current board has planned for us.