below cash and share backing, page-5

Its madness if you believe the current directors
can do something with all of the fiscal assets
and with MPO's leases in a manner which is timely
and which will provide returns to shareholders.

Clearly the market does not believe this will happen
and the market has and is speaking.

And why not? What have the board done in the six months
or so that they have held office? Seems to me that they
have drawn their salaries, given themselves options, found
enough new gas in SA to fill a cigarette lighter and
thats it.

Whoops, sorry, I forget to mention that that they have made
the decision to sell off the Queensland assets for amount
that some HC posters put at $100 - $120m.

Given that one Mungi horizontal well compex'es output is
declining because of coal fines and two have,
as far as I can make out, delivered nothing after
13 months of dewatering, I am now worried that they will not
even be able to sell these assets let alone get their
$100-$120m. I keep pulling my hair out wondering why
they would want to sell before proving that is worth
something

No wonder the market have become disillusioned and are
opting out.