this is a total Failure of management.
1. massive dilution at 2c
2. Failure to turn a cash flow positive operation into Share price performance.
3. Recognition of their own failure 2. they recommend the white flag of surrender. They cant achieve 5.5c on their own merits.
4. Only now, will we all say so, that the old business model of spending the cash flow on failed exploration was doomed.
Doomed as someone else would eventually pounce, and take it over. So they could implement the new business model that i suggest a while back. (monetize cash flows, spend only on existing re-development options)
Why did it fail ? If we spend all the money in the wallet on failed exploration we end up with a share price going no where.
2000 bopd is useless if i continue to flush it away, without even a thought to a return to shareholders. Hence the sp has no legs.
So, what do we do? White flag.
Management had no answers.
Is NDO Galoc cash flows, and West L cash flows, and sale value of Tindalo, Yakal, X1, worth more than 5.5c
This is the answer.
Pick up the phone, call the company, and tell them to amend their recommendation to say NO to takeover.
Then tell them to implement my revised business model.
Spend only on West L, Galoc North, and pay all proceeds back to shareholders.
Its your last chance to stop corporate piracy.
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