And subsequently when the company did make an announcement...

And subsequently when the company did make an announcement regarding the reprocessed seismic data a shareholder had to email AM again to elicit info that should have been in the release. This conversation is below and is from late January.

Supposedly we were going to be notified in a few weeks from late January regarding the future course of action......STILL NOTHING AS AT APRIL 2.

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I sent AM an email today. He rang me 1 hour later and we spoke for 25 minutes. Below is the email and the information we discussed. The discussion is in (Brackets).
I have AM's permission to share this.


Dear Anthony,

Given the paucity of truly helpful information in said release, further assistance is required by this shareholder.

1/ Approximately how many days/weeks or months are expected to be required by our Company to investigate and review the seismic data?


(In a word, DEPENDS. We will know in the next few weeks and will update the market ASAP at that time. We are working with consultants who will advise us….but not long now.)

2/ If the review eventually shows that further seismic is needed over the block, approx. how many days/weeks or months will be required for firstly, this seismic to be done.... and secondly, for it to be interpreted?

(6-8months.)

3/ If further seismic is not required, how long (approximately) is it expected to take to work the structural high into a drillable target? And when would drilling likely begin? And, if further seismic is required, would drilling likely begin in Quarter 2, 3 or 4 of 2014 - or is drilling in 2014 now only a remote possibility?

(6-8months from the decision to drill. This will depend on a number of variables….like access to the land. I asked if they would consider buying the land now that they know the time it took last time. AM suggested that they learned a lot from the last experience and will be able to get a faster result second time around. I asked why so long? AM said that to get the funds out of their performance bond, the company is required to go through formal process, which includes the way they tender for contracts to ensure everything is above board….especially in a country like Indonesia.

AM said that if we do have to shoot further seismic this year, it is unlikely we would be drilling this year. I suggested that the consultants that are advising us will always suggest further seismic as a way of covering themselves…so surely it will lead to that outcome. AM said they have massive expertise on the board, with a guy like Geoff Mitchell on board, who has drilled how many hundreds of wells, they are well equipped to make that assessment.)

As you can see from the above, the general thrust of this email is to query why ALL of this information wasn't included in the release in the first place?

Having read this release, I dare say every 'average' holder, and any potential new buyer of this stock walked away from their computer screen wondering how and why its writer would deem it acceptable to be so unforthcoming with pertinent information.

I write this email to you as the bottom of today's release informed readers that for any further information on said release, readers should contact you here. I'm assuming this was placed in the release in good faith.

I genuinely don't believe the above questions are unrealistic. Indeed, I am sincerely flabbergasted that the writer of the release didn't think it was relevant to inform the shareholders of the information I have asked about. Surely it was the professional and honourable thing to do.

Notwithstanding the obvious difficulty encountered by the Company in attempting to drill in Indonesia, surely that is a separate issue to HQ disseminating information in a timely and illuminating fashion.

Hoping for a genuine and expansive reply, or preferably, a further ASX release that includes answers to the above.

Regards,




Some other points we discussed:
I asked AM from what info he knows now about the results….what is it that has him excited. He said we have a much clearer understanding of the area. For instance we now know there are no Volcanics covering the area, and we can be clearer about the target.

He is confident as the 4C will reveal soon, that we still have ample cash. He appreciates that we all wanted this thing drilled long ago, and that he too is not happy with the delays…but I did agree with him that he and the board are the custodians of our investment, and it is them charged with getting the most successful outcome…and hence I am sure that if I was in his position, I would be taking the same steps. The recent data is reaffirming that we are lucky to be slap in the middle of some of the most prospective land in the world…so our chances of success are loaded in our favour. AM also mentioned other activity and opportunities, that they have been assessing, but simply would not be drawn on it as he said if they don’t materialise, then shareholders will be let down…so better to say nothing.

What I am really confident about, is that he wants this to be hugely successful, and if it means everyone hating him for 6-12 months longer as a result, then he is prepared to live with that.