Joatmon, your comments are valid. I seem to recall that non exec...

Joatmon,
your comments are valid. I seem to recall that non exec Directors were getting over $80,000 a year. the board has reduced in size, but reducing salary to $70k is not enough. I would have thought that for the one day a month that they attend a meeting, $4k is enough. that's $50k a year tops.
the key takeaway from the report is that the only actions being taken are firefighting ones. resolving disputes and trying to convince GSPC to pay and agree a program to drill. what is interesting is that GSPC owes $7.4 MM from drilling of 77H. that implies that the well cost $13.5MM which is still quite high. I thought the target we more like $10MM.
all these disputes occurred with Max as Chairman and Ron as Director or MD. one well has been drilled in the last 5 years, that is not management competence.
i think the moral of this story is that Oilex cannot manage India (and Indonesia and Timor Sea and Oman and a few investors as well) and anywhere else it has dipped its toe. what hope do they have to salvage profit out of Australia? I sense that the Indian government may well refuse an extension to the psa due to lack of performance and management skill. maybe the real reason is the inane behavior of GSPC, but this has to be managed in an Indian way, not the Perth way.