Despite a booming oil price and gas shortage, SXY drills 30 wells in WSGP last in Sept 2017, doesn't bother to update the market about the flow rates other than make us aware there are teething issues resulting from their "experimentation" on these wells, and haven't drilled another WSGP well since. What now, - we wait until SXY deem it to be a non-core asset that they wish to divest?
Perhaps there was more to Graham Yerbury's (ex CFO) resignation. I can only hope he wasn't trying to push for an aggressive drilling campaign to unlock value for shareholders, which wasn't viewed favourably by those steering this ship.
At the time of the resignation I did wonder what would make GY resign, just before we unlocked all this value from the WSGP. In hindsight, I realise he probably knew we would still be sitting here twiddling our thumbs waiting for the next phase of drilling.
Perhaps it was the wrong person that resigned. There is zilch value being created without drilling into the 2P reserves that we have...I fail to understand what the delay is, given we have $80M cash and the wells only cost $1.0M per well....
