I doubt the new MD will entertain any cuts anytime soon considering he is a major beneficiary of the fleecing of OEX. Unfortunately I doubt the truth will come out in a company this size with the chairman and executive team IMO lacking any ethics or corporate responsibility over the last few years.
I think most people have to accept that their investment in OEX is basically not an investment in oil or gas exploration/production rather a means to line the executives pockets with nothing to show for shareholders.
Maybe the change to JS was really about fleecing another group of unsuspecting investors as time was up for RM. Although JS has not given the market any hint where the next tranche of funding will come from so unless he delivers on that front the situation is very dire. RM ensured no smaller shareholders will stump up anymore money so we await a new cornerstone investor.
OEX Price at posting:
1.1¢ Sentiment: None Disclosure: Held
