For all those that have a hard time understanding my...

For all those that have a hard time understanding my frustrations with ID, the following post objectively measures his performance against statements released by SXY.

I will reference the date of the announcement as well as an extract - and leave it to you to decide whether or not you think shareholders should be in the position we are in, whilst ID sells his shares (to pay his tax liability) and then receives "performance" shares.

19 December 2017:

Fact 1. 40-50 wells identified and drilling to commence after remaining approvals secured (by end of FY18). Has this been achieved? Nope

Fact 2. Engagement with gas customers - supposedly commenced in early 2018, yet no MOU or terms sheet?Engagement may have occurred, but after 10 months of engagement we still have no concrete agreement.

Dec 2017 Quarterly

Fact 3. 15 exploratory wells in the Cooper Basin drilling in second half of FY18. Did this occur? Nope

22 Feb 2018


Fact 4 - Vanessa gas field online and contracting with domestic gas customers?


Fact 5 - Financial close of financing solution in mid 2018? Still not achieved

2 May 2018

Further re-iteration of previous milestones - none of which have been met.

21 August 2018

Fact 6. 8  weeks from 21 August is 16 October 2018. Did we achieve financial close or receive FY19 guidance?


The way I look at this is I invested on the basis that these milestones would be delivered on time.

Where do you think SXY would be if the financing solution had been completed (in mid march,  as originally expected, or even by mid FY18, as per the revised deadline) with financial close achieved. We would have sufficient cash to have drilling underway on 40-50 WSGP wells (which SXY mention have good enough reservoir performance to warrant reserve upgrades) + 15 exploration drilling targets in the Cooper Western Flank (though could be argued this is dependent on Beach).

Nonetheless, if SXY was funded and well into a 40-50 well drilling programme (as promised to us in December 2017), then I have no doubt our share price would matching the run SEA are having as they are successfully transitioning to producer.

If other companies are able to deliver, then why can't SXY deliver - it has had more than sufficient time to plan.

As if that's not bad enough, SXY are now behind schedule on a the FY19 outlook - this is a document that is 100% in the control of SXY. There is absolutely no reason, whatsoever, that this should be late.

Please vote wisely at the AGM - this is something that we can control, and if I had it my way, would vote for a CEO that is accountable and able to deliver significant milestones that would drive shareholder wealth.