There was only ever one person running the show within Antares, the rest basically did as they were told.
My memory's not as good as it used to be, so I can't remember if they were issuing loan-notes around then to fund the drilling & completions or not.
It really was bizarre, I questioned at the time why they were even spending money drilling more wells when this offer was on the table, because it was costing us money & wasn't going to get them to raise the offer, it was like chucking money down the drain.
If it really was a genuine offer then the mistake was not accepting it & using the cash to buy other properties to do the same cycle with. So he either got greedy and thought someone else would offer more if he got a few decent well results (or was there to try & tempt a counter offer from someone) or it was a con that he backed away from at the last minute.
Personally I was sick of trying to get the ASX, ASIC & the insto's to sort it out, split his roles & get more independent directors onto the board by that stage. As you say, toothless doesn't come near it.
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I probably shouldn't be saying this but I know of someone who's been trying to put an oil & gas project in front of the new board (not sure if they've succeeded in doing so yet). I'm hoping they do & I hope the new board take a real close look at it.
I've seen the basic outline and the potential it has.
"A true Potential company maker" is the best description to give it.
It's the best project I seen in a very very long time, when you compare costs against potential etc.
A fitting opportunity to help recreate the value that's been destroyed in the last 4 years (those massive USA tax losses might come in handy further down the line, you never know).
