ann ctp-rog, page-5

bushboi

I somewhat agree with you, especially regard the wages, I dont believe you should be awarded incentive options above those allocated to your holdings aswell as a more than comfortable salary, no as a speccy.

on a side note however, I still dont see the option that JH could have done.

BG were interested, but only in coal.
do we force them to walk before any drilling by going for the oil
or do we drill what we would have wanted to drill anyway and make them commit to say 5 wells, we dont want money for just 1 from them, thats not conclusive in anyway and too cheap for them.

so we go for coal,

they drag there feet, they want this on go slow. they are commited elsewhere. We have to drill as per govt tenement requirements.

we issue a notice and say front up the cash.

they dont give it to us.

we need the cash to drill phase 2.

more bonds? of CR?

CR, much of a muchness.

we now have the cash and are going ahead.

will BG now pay? could be interesting.... they have not walked away, they want the results.
This tells me that the size is inviting and the distance a barrier that can be overcome. But JH has said the results will be released once all wells drilled and so by the time the results are back we may well be into phase 2.

they have not withdrawn from the JV so they (I imagine ((arguable possibly/and maybe inevitably)) will be required legally to pay for any and all JV participation up to the date of their pulling out of the JV. Which may also include any future drilling contract commitments the company has enterred into.

so theres my take, the interesting part is although I too believe the next few months are critical, I also believe that the initial funds for drilling will be received and may include damages (which I really dont want as it would be a very long drawn out thing).
Further if those funds are received in the next few months then there will most likely be a phase 3 or funds to monetise any phase 2 discovery.

I think JH is doing a pretty good job.

Are they rose coloured glasses, I have thought hard about this and I do not believe so.