why the negativity with gdn, page-13

jm69, and I sold the stock on fundamental value - or lack of it!

- debt free, because nobody would lend them money

- 100% owned, because Eclipse haven't bought back in

- the same resource in the ground when the share price was $1.26. That was in Nov 2006, and the same resource is still there after three wells. Note also, that during the week that the SP hit $1.26, Mr Sciano sold 5m shares .....

- PB1 with multiple zones, lots of water and nothing that would seem to flow (except the water)

- no prospect of the field ever being commercial (that is not to say that it can't be - just that there was nothing to indicate that when I sold in the first half of 2007, nor can I see any now)

- a market, led by the Managing Director, that seemed to be losing interest in the share price

- the prospect of a gradual share decline as market participants started to see through the vague and vacillating company announcements.

Why wouldn't I be negative on the SP? And what has changed in three years? Nothing. Maybe in the end Mr Sciano will average 1.26c from his final 6m shares.