Ann: Entitlement Issue Prospectus Update , page-86

Hi there Lani,

do we keep filling her with bog or strip it down and start from scratch.

Everyone has their own ideas but unfortunately the people who are steering the craft just keep hitting obvious reefs.

lani62 I was going to let your comment about the IG being selfish go to the keeper but since you responded to my post I will put forward some ideas I have in response. keep in mind I respect your opinion and everyone elses here but I sure don't agree with your "selfish" comment.

Firstly, SG has been at the company for a good 4 years now and had around two years to get this show on the road. We can all survive on our reputation for just a limited period and I think his period of surviving on his past successes is well and truly over. He needs to start performing.

The question of remuneration is been brought up of late and I have an opinion on that just as everyone else here.There is no doubting SG and the now defunct board members along with CR have been well paid.Surely no-one can argue that ? So then, when is it time for people to start earning their remuneration ? I would have thought from day one but I think the shareholders have been very forgiving on this matter.

The whole management team have been well looked after by the shareholders so much so there has even been increases in some remunerations during this very hard time of the companies life. Is it morally right that such increases should happen during such desperate financial times ?? Personally, I would have thought the management team should have taken a pay cut during the stresses and strains of the times. FP own words at last NOV EGM was " we need money now, not tomorrow but yesterday" The management team would have come out smelling like roses if they so chose to reduce their remuneration ( for a short time ) until the company got back on it's feet.

lani62, it's purely and simply the management who got the company into " this big mess", not the shareholders and not the IG. Why is it that there are a few holders and non-holders that are calling for the IG to bring forward their financial saviour ? Yes they did state they would and I still am very very confident they can but why are those same people not asking the question to the people who got us all into this "big mess" ?

it was not the IG or the shareholders who did the DD on the PB. It was not the IG or the shareholders who put the companies name up in lights and said "that the days of raising capital are at an end, forecasting that in the next nine months Golden Gate (ASX code GGP) will produce close to 1000 barrels of oil a day."

lani62, your comment about the IG being "selfish" is so out of line and non deserving it's not funny. It may well be that you can describe the management of the same term because they refuse the IG members a seat on the board ??


How could anyone see these people as selfish is beyond me. lets keep all personality clashes, personal dislikes and grievances out of the equation here. The work these IG people have done is in my eyes to be commended ! I know that Alan Mitchell ( like him or loath him ) has basically gone without Christmas and New Years celebrations because of his dedication in helping the company out of this shit, that he did not get the company into.

lani62, a little scenario for you. You have your own business which is on the brink. A saviour comes along and offers a financial offer which will not only get you out of the shit but give you a very long and profitable future. All he wants in return is a say in the day to day running of your company, a seat on the board. Now I know what I would do, and thats take it and give this guy a beautiful leather reclining chair the best money can buy and stick it at the head of the conference table,lol

How you or anyone else can envisage that deed as selfish is absolutely beyond me ! Like I said, i do respect your opinions and we are all entitled to voice them here but I in no way can agree with it.

So why then is it so hard for Steve to accept a helping hand ? Why is it that he and FP find it so disturbing to let some fresh ideas, some personel who can bring a lifesaving package to the company so distasteful ? No way it's because of their pride being dented now is it ? Will they be embarresed at someone coming in and possibly cleaning up the mess and making them look like gooses ?

Well it's way past the time where this offer of help should have been accepted with open arms. This company can be turned around and I am positive it will be. We are all the owners of some fantastic leases and acres and I dont need a report to tell me that. It's the PB and we have an excellent future ahead of us if we can sort out this issue of finance.

Is it worth losing the lot because you don't want a couple of people on your board who want nothing more than to get this company off it's knees ??

Anyway lani62, like i said, I really do not agree with your description of the IG. I beleive these guys have been working for the benefit of all shareholders and in turn the company itself. It's not selfish what they are doing lani62, it's very admirable and a selfless thing they are doing.

regards