ETR (ASX) Voting on Resolutions

Originally posted by frederick ↑

Ok! So you want info......well here is what I think has happened stripping away all the cospiracies. I will list everything that I know, in a hopefully factual manner.

a) Atzam 5 well was being drilled when I bought in.
b) Nice oil shows as depicted by the picture that Brett Mitchell showed with glee.
c) They reached the bottom and the drilling was finalised.
d) They offered 65 million shares to LAR to 'keep them sweet' (my take), as it looked at that time this well could be a winner.
e) So then they announced that testing would commence with the C18 section.
f) They mentioned a reserves report which was delayed because someone was in hospital.
f) They needed a perforation gun so we had to wait a month or whatever.
g) A few announcements come out that testing continuing and Atzam 4 pumping oil, with nil water production.
h) Trumpy rang Sarah Kelly and she said that the C18 AND C17 (the money section) were both duds.
i) Sarah Kelly moved on a week later.
j) Emailed Brett and he said that the Sarah Kelly info was incorrect.
k) 6 months later we still awaited the result of the C18 section. (all the while from steps a) to j) the share price started to slowly sink from 1.6 (when i bought in), to .002.
l) Then a quarterly came out that showed not much money in the kick. Oil price starts to dip.
m) Emailed Brett and he said that LAR couldn't get C18 to flow the required 500 barrels a day. That was a surpise as we did not know that that caveat was on that section.
n) Then they announced a meeting at which they said they needed funding as they were light on cash.
o) Meeting held and 'all sweet' was given about the funding.
p) Announcement came out that they got the funding but it was not that clear cut.
q) Share price bobbled from .002 to .001 before staying at .001 with no buyers intermittently.
r) Ivan Brown (Bronze11) announces that he is no longer a major shareholder. He seemed to have unloaded at .001. This was disappointing as he was a cheerleader for the team for quite a while.
s) Trading Halt announced followed by another announcement about shares being suspended and a Meeting to be held end of this month, (I think).
t) Reading the announcement there is share giveaways, consolidation, texas leases and all manner of fiscal machinations that do testament to a teen wanking club. (I read about clubs like these somewhere although I never joined).

That's it from the top of my head. Some timings may be out but generally it's about right.

I emailed Brett a few times and the things that seem to be important are the following -

1. The 500 barrels a day surprise requirement for C18 section of Atzam 5.
2. There has been a dispute with LAR in the background although details of this dispute have never been forwarded. (Surely it cannot be the 500 bbl thing above).
3. CTR is not an oil and gas company, it's an INVESTMENT company.

We await (waiting, waiting waiting........) to see what happens from here.

I'm $20,000 down and have budgeted that amount to 'poker machine losses, whoring and whatever else' that would make me feel better and to not think i chucked that cash down the toilet.

That is all!

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Frederick
Points (b) (d) and (h) have always been my concern, I've often wondered about that photo,then the issue of 65 million shares to LAR which I believe was done to suck everybody into believing LAR were playing hardball as if there was oil when there was none , ending with Trumpys phone call with Sarah where she was saying C17 and C18 are duds because the whole thing is dud