I have a long association with WLR, or the old variety ERH. Everytime they drill, they find oil. Means they can read the sesmics good. After that it goes pear shaped.
Its good all of the old managers have gone. What needs to take place is a sale of all the assets and start again, with a new managment team in place, with ciggies, as the shareholders representative on the board, as chairman, to look after our interests, as well.
They need to team up with some new partners, raise some capital, buy some new acerage in australia in the cooper basin and in amercia in texas, and start drilling. Buy an existing feild would be an advantage. The company has to stop being a passive investor, and start being an operator in its own right, therefore an experienced ceo with operating experience is a neccessity.
ABL Price at posting:
1.2¢ Sentiment: None Disclosure: Not Held
