management incompetence?

I really do question if KW is as good as we thought.
He was mute last year for long periods & he's not saying much now.
He wasted last dry season 'getting their ducks in a row' when I'd have been much happier using the wet for that exercise. After that wasted dry we had the flurry of failure that was U3 and now ,I assume we've been flooded into another period of inactivity.
All this time the cash burn-which is significant-continues.
ES said to me at the GM that he thought a second rig would be needed.That seems unavoidable if we're going to make some real progress this year.
Remember without success this dry a major dilution by cap raising is inevitable.i.e. we'll be raising funds at $1 per share rather than at $2+.
As for that 'Annual Report'-did it say anything new?