1. Why did the BOARD decide to divest its potentially company...

1. Why did the BOARD decide to divest its potentially company making asset in Tanzania
2. What competitive sales or tendering process is being followed by the BOARD to realize the best outcome for shareholders
3. What level of governance is in place to prevent any related parties including members of the BOARD acquiring this asset at off market prices
4. While divesting a potentially world class asset in Tanzania why would the BOARD embark on acquiring a substandard asset in WA
5. Why didnt the BOARD approach it own shareholder base for a discounted rights issue to limit dilution
6. If 3 out of 4 directors are together in other ASX listed boards as well then where is the level of independence to provide BOARD governance
7. Why would an Oil and Gas BOARD retain a Chairman who is a few months away from floating another Oil and Gas play


1 & 2. Read the announcement about the purchase & the 4th quarter activities report.
3. Read the corporate governance statement in last year's Annual Report.
4. World class asset in Tanzania? Gas that is stuck in the ground isn't much good, they need to sell the gas but the commercialisation process has been bogged down since discovery. In June Aminex said there was one final issue to be dealt with for approval of the gas processing plant, that issue presumably is still to be resolved. Substandard asset in WA? An asset that is relatively cheap to drill and the infrasture for oil is already in place, I'm not sure what effort is required for a gas discovery although there is a gas pipeline close by.
5. Why would the board approach existing shareholders? Did you see the 'success' the last time they did that? Plus Ken reads HC and knows the sentiment of the shareholders that post on here.
6 & 7. Unfortunately that's pretty par for the course for Australian listed companies.