Quarterly, page-6

Wabbs,

A good succinct post; I don't always agree with your ideas, but I think you are absolutely correct here.

As much as a 1/4ly report should have been drafted and re-drafted to final draft well before the due date, there has been a key change in the rumpass room crew at the head shed. It would seem likely that the story in the report needed to be re-edited to remove the plausible deniability, avoidance, and self patronising references to their stellar peformance over the recent reporting period.

The new CEO will want to look forward, so it would be understandable for him to want to establish a fresh start at this stage for his stewardship at the helm of this company. It seems to be more common for periodic announcements to focus on what is ahead as much as what has already been achieved. In our case this is usually embellished with delusionary ideas about drilling wells and such, rather than solid committments aimed at actually achieving significant progress.

Your reference to milestones, and the distance between them is a perfect explanation, because where we all have been assurred of
strong achievments and shareholder value, what we have been delivered is everything but that. Milestones were promised and not delivered, so the distance between promised peformance and progress from our head shed team, and what we have now is a testimony to distance you so appropriately pointed out.

I am hoping Mr Walker can assert his influence over the company and establish his own mark on the way forward. If he falls under the head shed bus like his predecessor may have done, it really doesn't matter what is in the 1/4ly announcement. I reckon a lot more needs to be done and completed before anyone can have grounds for optimism.

So maybe you could consider why a good number of your 7000 shareholders are becoming impatient?