Ann: Quarterly Activities and Cashflow Report - December 2023, page-15

My initial take on the report:

1. They revert between AUD and USD - when things look bad for them. This is deceptive. Currency should be uniform from start to finish. Firstly by stating they received US$42 POE. This is only @ $64 AUD BOE. Pathetic. They should have hedged when they had the opportunity to when the POI was over $100. Greedy thinking that it would reach $200 and lacks of any form of strategic planning. Same goes for the capital expenditure required to fund the FMDP. US $26m looks a lot better than $40m AUD!!!
2. How is the Company going to fund the short-fall in funds???

3. $690k Admin and Corporate costs. I've asked for a breakdown of these costs.

4. It's stated in the ‘highlights’ section it states: ‘A$3.1 invested in the 5% share buy-back’. Very deceptive again. Only $750,000 was spent on the buy-back this quarter. $3.1M was invested in total. It makes it look like they've spent more in this quarter than they have.

5. How many staff does the Company employ to spend $260k this quarter? I've requested that they elaborate on the ‘staff and recruiting’ issues.

6. Under Section 6 of the quarterly cash report, it clearly states that the Company MUST include a description of, and an explanation for, such payments. By merely stating they were for ‘fees paid to members of the Board’ is not sufficient at all. I've requested a full break-down of these expenses.

Another ho-hum quarterly and it doesn't matter how much they attempt to polish it - it is still a tu*d and until management is replaced we won't be going anywhere.