Had another email exchange with OIP. The AGM is scheduled for the morning of 26 November. The MD answered my questions well, within the confines of what he can and cannot divulge of course, but I am still in the dark as we all are as to what the board stoush was about in terms of specifics. He would not comment on ESG takeover speculation.
I got the impression that what TestPilot said in his post yesterday was spot on ... ESG and Ingalls (and the rest of us for that matter) were frustrated with the pace of drilling progress .. given that the most prospective CSG and oil prospects have not been drilled in the 2 years since floating and there's still a heap of money in the bank (although I might point out that as operator of csg drilling in the JV areas ESG's other prioirities could be seen as the limiting factor!!). What we should see then going forward is a renewed push to get on with it. Whether that means OIP going it alone on Toenda or bringing in a JV partner I'm not sure ... what chance they will go it alone do you think??
H
OIP Price at posting:
14.5¢ Sentiment: LT Buy Disclosure: Held
