I'm sure at the time the comment was made it represented mgt enthusiasm for the future which is still in progress. I bought my first shares at 14c after the high and watched and waited for the dollar. I watched the US each night and looked at carsales for a fast red car.
Some years later now I realise that at the time I had no idea what I was doing or how difficult it was for a junior O&G company to go from explorer to producer. I know a little bit more now but everyday realise even if we do our homework, things happen and in the early stages generally dusters and delays are inevitable.
Management don't set the SP nor control overall mkt sentiment and for the most part of these years the O&G sector imo has been overvalued on fundamentals and on a gradual downward path from a hyped "trader" value to fundamental supported value due to capital market constraints over the period.
Below is my summary of the cashflows since 2009 from the June qtly's, also below is the Market cap and the XEJ index graph for the same period. Company now has about 14 wells in production and about 10 Shut in or close to production.
View attachment 39503
View attachment 39505
For me the numbers suggest mgt have done a better job than often given credit in managing and growing the actual business.
The actual receipts less production have almost covered admin costs whilst the property sale covered most of the rest and contributed to the capital programme to develop the leases.
Current share price aside imo the context of the numbers here provides a good insight into all explorers and understanding the business risks and consequence if things take longer due to operational issues. The current mkt conditions gives us all a chance to review and prepare for any turnaround, the quarterly will give some insight as will the half yearly.
Any thoughts welcome, this is hopefully an objective opinion from the sidelines, I realise those that have held from the high's may have a different opinion which is understandable.
Cheers
PS. In summarising the qtly I may have put some of the smaller numbers in the wrong line. It doesn't matter to me but worth checking if interested Also it is doesn't take long to set up for other coys in excel and the June qtly has ytd so only have to get 5 years to get an overall picture of what goes on. Numbers are as reported and not adjusted for inflation but hopefully of some use to others.
