Looks like directors are already handsomely paid considering the costs of $ 48 dollars. per boed sold is incurred by administration.
The real metrics of a profitable coy is not only production of oil and subsequent receipt of monies for sale of said oil but also the ability of containing management cost of admin and at $48 per boed and no profit at this stage for shareholders; coupled with wildcatting of $70 mill without ; until recently any increase in production also coupled with the decision making of our long term directors and a few new ones who are there to make up the numbers for the remuneration committee shows; to me; that directors objectives are Not aligned with share holder interests .
So; I would suggest bonuses be paid out of profits from oil production and not from bank loans or CR's and dilution.
I will be more than happy to vote for a bonus both in the short term and long term when My losses in this coy is reversed and my hard earned money that I have invested in this coy has made me money . Only then will I feel that shareholder interests and objectives are at one with directors.
I feel certain there will be a lot said by shareholders about 'this grab for cash' before the next agm.
SSN Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held