management and progress

Tahi, Kmuirhead and anyone else interested. Here's a couple of replies from management that states very little or nothing has been done in the past 4 months. I was not impressed.

When you read on down you can see they make reference to the ASX300 Energy index as a sweetener - just like the previous board did when they tried to make a case for their stay.

...And yes, Kmuirhead the website is a joke. In my initial reply it was stated that it would be up and running live. That was 4 weeks ago.

Then, another email a week after it was due, this time from a different secretary saying ...

Dear XXXXX,

Thank you for your email and your feedback on the website.

I would appreciate the opportunity to talk with you directly as one of the companys longer term shareholders. My phone number is listed below, so please feel free to give me a call, or if you have a number on which you can be reached, I can call you.

The Molopo website is in the process of being updated, but unfortunately this is taking longer than anticipated. It is an important window on the operations of the company, so we want to make sure we get those changes right.

I hope we can catch up soon.

Kind regards,
Jessica Huberman
Company Secretary

...and this reply regarding the current progress, buyback and the SP in general. It was directed to Ian.

Dear XXXX,

Thank you for your feedback.

Both the Board and Management share your concerns about the companys share price, and I assure you that it is our first priority.

As you will no doubt be aware, it has been a very volatile period in both the share market and for oil prices. In this regard, since commencing the buyback, while Molopos share price has declined in absolute terms which is disappointing, it is the 5th best performing stock in the ASX 300 Energy index, and on a rolling 4 week average is down only 1% more than the ASX200 index.

Regarding your concern about short sellers, Molopo is not at a particularly high level for shorting, and it is possible that investors are taking these positions due to their overall view of the market as opposed to their view of a particular stock.

The buyback has been undertaken for capital management purposes and to add value remaining shareholders through reducing the volume of shares on issue; we believe this will be value accretive for those shareholders remaining in the stock, particularly while we are able to buyback at such low prices.

We consider that we are being aggressive in the buyback, while of course remaining within best practice to ensure that we are not manipulating the market.

Unfortunately unseasonably bad weather in both Queensland and Bakken have curtailed operations, and although technical work is currently being progressed in the Permian Basin to prepare for the drilling program, we appreciate that there has been limited operational activity in the four months since the new Board has been in place.

We expect that operations will be able to be undertaken in the coming months, and will be communicating the ramp up of these activities as soon as this is considered prudent and in accordance with our continuous disclosure obligations.

As noted previously, we continue to work on the website and endeavour to have it fully updated in the near term.

Kind regards,
Jessica Huberman
Company Secretary

Now!.....Who said they were progressing?