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Our well situation, page-12

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wabbit

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25/05/16

16:55

Post #: 17865361
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Originally posted by Singa71 ↑

Toppy, its not a good situation but we just have to work through it. To be fair most of us supported the board and sincerely hoped they would do right at the beginning. Unfortunately when they just through people on our board prior to last AGM, especially when none of them have ever been directors in oil/gas before, I had serious questions as to why they did that when we had so many experienced and truly independent professionals to choose from.

We basically have ERM who want out at a profit, a big investor who I feel for as this person invested huge money surely he is very disappointed and big holders son, none have oil/gas credentials at this level and where's the independence for us holders who have spent huge money propping up this company.

I believe Ken was our only oil/gas person and never been a director/CEO or MD before. Maybe this team would have been better doing lower management jobs as from where I see it this big step up of responsibility is taking it's toll and effecting our investment. We simply got this mix wrong.

A company is only as strong as the team assembled, our team is looking very, very ordinary at best. Most of directors do not even go to the office, even live interstate. Hate to say it but we are truly in a mess from where I see it and the market players all know it. Talk to them and you will get the same response as I do.

How have we ended up with what we have and it is now effecting our important game changing company in the Perth Basin. Seriously not trying to offend our board but imo they are not up to this and as each day passes and after some big decisions they took, it isn't looking great for them or us. Everyone I have spoken to have said they have lost confidence and our board are being exposed by constant failures. When is it going to be enough.

Anyway whilst board keep us in silence one can only conclude the problem is worse than they had hoped. If the board don't communicate one has to seek answers from others. I could be wrong but unlikely.

Don't get me wrong I want nothing more than an increase in the SP, just don't see it happening under this watch as to speak. Boards are very responsible positions, we pay big $ for these type of professionals and everyone is accountable and if human error is the root cause then it has to be acted on immediately. Can not and will not support people earning big money to constantly making mistakes and costing us holders huge money to rectify. More importantly sending this company backwards and that is how I see it. This is not acceptable and I expect to see appointments being made as a matter of urgency.

We do have great potential and as I have said changes have to be made if we are to survive. If we don't accept we have problems then someone will come in, only a matter of time from my perspective.

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Singa71.

They are not getting as much as the building labourers in Melbourne $150,000 a year plus super

Last edited by wabbit: 25/05/16

EGO Price at posting: 31.0¢ Sentiment: Buy Disclosure: Held
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Our well situation, page-12

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