rbs research note, page-14

Dark days.

Re: Des & his slap on the knuckles from the ASX. It's a good wake up call for him. Shame it had to happen mid negotiations. But in the whole scheme of things, it was a paperwork mistake with no effect what so ever on the value of the company's assets.

Re: SP/Market Cap. My guess is that any potential suitors are more than amused by now as some shareholders shoot them selves in the foot by racing for the doors. The beauty is that the company will have $16m in the bank after paying for the new well + 7200ac of prime EFS+ 4 maybe 5 producing wells. Only the Oil price has moved since 1/2/3months ago ... and since TXN has only run 4.5 of a potential 121 wells its not like they can't wiat till later to extract the oil.
So other than the POO there have been no basic changes for the company.

Re: A transaction. The fundamental problem from the shareholders' perspective is no update. Given management's comments at the AGM and the time that has elapsed since we must be close to getting an update.

So why an eroding share price? My theory was "impatience". So I had a bit of a dig around:
top 50 shareholders
I get the top50 shareholders fairly regularly and got a new copy yesterday. Guess what ... they've increased their holdings from 96.3m to 97.5m. One party out - one new one in, 9 increases, 5 decreases and everyone else was static.
And looking down that list its fairly easy to see most of the RBS directors

hence it follows that smaller shareholders are doing the damage and reacting to news in Europe.

Choose your own path but I've added another 200k+ shares over the last week.