this is what we gave away !!, page-18

I really think it is fantastic the way we funded a huge share of the costs of the drill, seismic and carried the risk through the GFC just so most of our stake could be seemingly gifted away after a few years; a mere month or two before things were about to come together.

I have invested in a few companies that get the retail end to carry all the costs and risk and then, perchance, perhaps, gift the projects away to connections or do huge low priced dilutions to get the 'right sort' set just before the brakes come off, and you have to hand it to them, this was a well timed divestment to benefit Aminex.

This is not the way high risk investment is supposed to work, it is supposed to be risk = reward, but a few WA companies seem to have this new model down pat now.

I wonder if they will go the extra mile and do a huge low priced dilution on top of this, to show the others how it's done.

As for the UK, a couple of raisings later and still not drilled. Amazing that ASIC allow a company to have mutliple raisings over what, over a year? to drill a single well.

Surely if that was such a good chance of an increase in production, they would have expedited the drill instead of these continual delays? Something they must not be telling us there. Maybe something wrong with the model or is there something wrong with the oil? What was that tank inspection about? Was it done because there was something other than oil in the tank?

I doubt they can do yet another barefaced raising to drill that well. They will need another smokesceen project to raise a bit more capital - like WA.

I am finding it very hard to see how current management can restore any credibility, and this is beciming the key issue. Coming on 9 months now since the shot across the bow and no evidence of any attempts to turn this around as far as I can see.

How many months now till administration becomes a possibility? Is it three? Is that why it is so quiet? Are they just idling until the possible call to meet commitments so they can keep the UK cash to pay out claims like leave entitlements and consultancy fees due?

Is that why management didn't kick in for their entitlements in the last raising? If they had, we could sit back and expect they were trying to do their best, but given they did not, and given WA results, cash burn, project give-aways, schedule slippages, and the enduring silence, just what are we to think? Obviously the worst! Surely this MUST be plain to management? It is almost as if this sentiment is being cultured.

At least CVI was an entertaining way to be fleeced, with all the tall tales. This is just pitiful.