Ann: Full year results presentation, page-6

gttrain,
In Managements defense, last FY they worked on building a production base, 3D work in the North and got a JV with Origin. Yes not too bad. However they have upped the risk on this business for FY15. With $100m CAPEX they are planning on spending 1/2 of all the cash reserves and FY15 profit to fund exploration. so if the exploration doesn't pay off. Hummmmm ???
Mentions monetizing the CSG assets. so in FY16 will need that cash to fund another year. Selling assets to fund the business is not sustainable. That needs to come from profits.
not saying that this FY15 they won't have exploration success in the North. what I am saying is what happens IF they don't. Cash is depleting, like my faith in Management. hope they are working on a corporate deal in the background as an alternative to a call on SH's. I won't be stumping up any more cash !!!.