Nine months on and nothing has changed. Not very communicative...

Nine months on and nothing has changed. Not very communicative and appear to be asleep at the the wheel.

They have been good at keeping costs down and preserving cash, which is a plus - still ~$35 Mil left.

Doesn't seem much to do - just give a nod occassionally in meetings with the operator of ATP 529P - AGL - and wait to see what happens there before doing much on neighbouring ATP 799P. Just check the odd consultants report. Sleepy gulch.

Bit of a whinge in the Chairman's letter in 2011 Annual Report didn't inspire much confidence:
"We are finding it extremely difficult to identify and secure appropriate opportunities in the current volatile economic environment....". Sounds like waffle to me.

The possible reason was further on:
"...have bid on oil and gas producing assets with little success...too few assets...chased by well funded companies...yet to identify the opportunity with significant synergistice benefits...".

This gives me a clue as to what's up with these blokes. Directors and senior staff are typical of most with big company backgrounds that then try to run small comapnies - flat footed, not entrepreneurial enough and too bureaucratic.

From the Chairman's letter it looks like they were trying to compete with the big boys on bidding for primary acreage. On a hiding to nothing. Not thinking like a small company!

There are plenty of opportunities around to gain good leverage from farming in to promising prospects where the targets are short of funds. Same for strategic investments. A couple come to mind, such as OBL & CTP. The Chairman is also a director of MEL which last year left its fund raising too late then got out a SPP after letting the sp fall 60% - possibly a lost opportunity here for GLL.

I think a change in coporate culture is called for - they need to be a bit more opportunistic. Maybe need more of a prod from shareholders.