Ann: Appointment/Resignation Company Secretary, page-32

I should point out that I was slightly incorrect - in that the JOGMEC joint exploration agreement valued Panorama at $50m (not just Panaroma North alone at $50m). But the point remains the same. The is no rational valuation that can explain the current market cap. Panorama could theoretically be dirt AND its valued at $50m? GHN categorically has a significant proven resource and its worth effectively $zero? Either JOGMEC are crazy or the current market cap is.

With any luck a new CEO can come in a turn sentiment (and more importantly progress) around fairly quickly. I doubt they could make it much worse.