Albers holds his shares in a range of entities so it is difficult to figure out what is what (try and figure out what companies comprise The Albers Group).
Also JT don't get too carried away with the great leases and great management stuff.
I think the reason that OIP exists at all is the fact that ESG was over committed and needed to either flick the acreage they didn't want or vend it into a separate company while they committed their resources to proving up reserves in PEL238.
Remember also that ESG was floated on the basis of conventional oil and gas not CSG and they only started looking at the CSG potential in PEL 238 because production from Coonarah declined way faster than they expected. Good timing as it turned out and with Dennis Morton at the helm originally and Dave Casey after that they have made a real go of it.
It seems to me that the only guy with a real track record in the OIP team is Morton and he is a non executive director.
OIP may ultimately make some money out of CSG in their Gunnedah Basin acreage but if they do it will probably be by selling the rights (back) to ESG or to someone else (eg STO)who understands the CSG game.
As for the Darling Basin acreage - No known hydrocarbon systems, no drilling to speak of, very little seismic. If you want a definition of high risk that is it.
I was in at the float and had to wait 16 months to get my money back. Was very happy to get out in early April.
I keep a watching brief on OIP but until management decides whether they are in the conventionsl O&G game or CSG, whether they want to stay in high risk acreage like the Darling Basin or farm in to existing production I am going to sit on the sidelines.
OIP Price at posting:
14.5¢ Sentiment: None Disclosure: Not Held
