Thumbs up Locust on your post, you obviously follow ROL in far more detail than I. Anyway I first bought a modest amount in September 2010 at $1.37 and more later (when I should have sold) at $1.93. So yes, I feel your pain. On your specific points: 1 Its not unusual for companies to skip over failed drilling campaigns. The logic is "its not material" and therefore no need to spell it out. They probably spent a little bit of dough and found nothing so canceled the program. Pretty common. 2 Again a common industry practice to incentivise employees wthout actually paying them more money. However I agree that if the $1.9 million listed in the last Half Year financial report as "Employee benefits expense" is that then that is a lot of money which could probably be better spent drilling. 3 Agreed, most definitely not a good look. As far as news goes Reliance is a listed company and puts out its own announcements (http://www.relianceresources.com/s/Home.asp) 4 Have to agree wth you here too. There must have been a couple of compelling arguments to purchase Andash; the 10-bagger NPV should not have been the only reason. 5 The project value, unfortunately, has to be related to the market cap-share price. And that has collapsed along with every other Junior. If they needed the money then they had to take the new price - they did well with the old one. 6 I think a lot of people would complain bitterly if the capital raising was done at a hefty discount to the share price. Its quite unusual, but not unknown, for raisings to be done at a premium, particularly if underwritten. It should give some strength to the share price (but that doesnt seem to be working). No doubt Salim hopes nobody takes up the offer.
ROL Price at posting:
22.5¢ Sentiment: LT Buy Disclosure: Held
