Ann: Corporate Update, page-7

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WhatsNext76

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01/04/20

22:05

Post #: 43828834
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Originally posted by GasBaron: ↑

Blade didn't mention Corona but Comet seem to be blaming it... "The Company is not currently conducting field operations, nor planning field operations for the period whilst the COVID-19 virus is directly impacting the Australian economy"

This my view of the announcement:

1. They will not return to Albany, which means that the $ 40 million they spent (Comet $ 30 million, Vantage $ 10 million) is lost. I say this because if they had good news, they would announce it.

2. The strategic review they carried out was also a waste of money. I suppose it would have cost them $ 500,000 in external consultants (2 consultants working for 3-6 months ??).

3. They pushed the date of the FID on Mahaloo. For the past year, they were promising in mid-2020. Another broken promise. Worse, they don't seem to have a clue when the FID will happen - if they did, if it was only a short delay, they would say so.

4. At the AGM, they said that drilling at North Mahaloo would be done in the second quarter of 2020. They said they were going to drill several cores and side wells. This is another broken promise because none of this will happen if they don't speak to the landowners. Worse still, with only $ 8 million in the bank expected to last until the end of 2021, they will not be able to afford to drill anything.

5. At the AGM, there were a lot of angry shareholders. Almost 50% voted against the directors. That was when the share price was 25 cents !! Now the company will do nothing for the next 12 months. Why are they not reducing the number of directors?

There is nothing positive about this announcement. There is no responsibility or humility for the bad situation of the company.

Remember that this business does not produce oil or gas and has only office - it was not directly impacted by Corona at all.

This announcement is just a waffle, broken promises and a clear message that the main goal of this business is to give directors a nice job title.

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I'm pretty sure Blade did reference "corona"!!!

My point was the Galilee update in Feb 20 states that Albany was demobilised due to the weather, until at least the end of April.

Why send more funds to crank it up again in the current climate?

I don't take issue with some of your other points as they may be valid.

COI Price at posting: 5.7¢ Sentiment: Hold Disclosure: Held
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