1. Appalling understanding of shareholders expectations and market dynamics (this includes the abysmal reporting)
2. Very high number of operational difficulties
Apart from the shock of Gretel they continue to find oil and they are still well funded in the medium term to continue with new wells. I hope the above problems are addressed as we continue. At 5 cents we seem to be starting from scratch but clearly this is not the case.
However, the company has severely damaged its credibility which is why so many long termers are exiting. The cliche says it takes a long time to restore but it should not given the problems are essentially not related to finding oil.
I'm still sticking with chand re 45 days to prove commerciality or current fields. Although I will be pleasantly surprised to see a change in the way the company reports I am not expecting anything different in the short term.
SSN Price at posting:
5.3¢ Sentiment: None Disclosure: Held