I must say I am with you on this
@Elliot5 .
I share your views 100%.
I have often posted on here that this is one for the bottom drawer and I still maitain that view. But seriously, with the current economics of the oil and gas market what on earth is management waiting for?
We have $83M cash in the bank and 118mmboe 2P reserves (including Atlas), a gas shortage in Australia where "
prices have increased over the last decade
from $3/GJ to current offers for near term
supply of $8 to $16/GJ" (as stated by Senex) and the last 30 wells drilled was last year? What are we waiting for to kick on?
I am well aware that we require this financing solution to aggressively commence the next phase of drilling, but this was something initially promised to us by March 2018.
The milestones promised for mid-year include:
- Decision on path to market
- Engage with domestic gas customers
- Finalise corporate and development financing
- Secure all remaining regulatory and environmental approvals
- Investment decisions on next phase of drilling and gas processing facility.
Given that some of these milestones commenced in the final quarter of last year, there really is no excuse as why none of these have been achieved yet.
The most annoying part is that each passing day that the next phase is "delayed" reduces the wealth available to us shareholders. This is a gem waiting to be mined - I've invested a significant amount of capital on the basis that management will act to maximise shareholder wealth, and this means getting the next phase of drilling/production underway, not just sitting there 9 months negotiating agreements.
Surely a CR late last year and an aggressive drilling campaign would be more value acretive in this current economic climate than sitting twiddling our thumbs and waiting for this financing (which is holding up the pathway to production and monetisation of those 118mmboe 2P reserves).
It is getting to that stage that I want to see results or will start contacting a few other companies myself in the hope of a takeover.
It is time ID to pull his finger out - there is a gas shortage, prices are at $16/GJ, we have 118mmboe 2P reserves just waiting to be monetised, and over the last 6 months we've drilled 2/3 wells? Perhaps we need another management team to lead us to the share price potential we all see.
What are we waiting for - mid-year is almost 3 weeks away
Tick tock
