a history of ppp management sound bites

The stuff below is nothing new, I just thought I document how PPP management have kept regurgitating the same stuff for one and a half years now, without any sign of a tangible outcome.

For how much longer will this go on?


4thQ2007
"With tangible benefits flowing in from Tui production, the board and management of the company are actively assessing possible new opportunities for PPP. Directors consider the strong performance and robust cash flows derived from the Tui Project places the company in an excellent position for further growth.

1stQ2008
"The strong performance and cash flows from the Tui project place the company in an excellent position for further growth. The Board of PPP has evaluated a range of opportunities to acquire additional petroleum assets, and this is continuing."

2ndQ2008
"Following on the strong performance and cash flows from the Tui project and its firm commitment to expand the Company’s activities the Board has appointed Mr Tom Prudence to the newly-created position of General Manager, Exploration and Production to assist with this process. Mr Prudence will in addition to his role as manager of the Company’s existing operations, be tasked with the job of developing exploration and production opportunities for the Company."

3rdQ2008
"The Company has initiated a strategy review to determine goals and focus areas for growth. The strong cash flows from the Tui project place PPP in an excellent position to compete for new exploration and production opportunities, and to build a sustainable revenue position. Given these ambitions, PPP has elected to retain the cash in hand rather than disburse through dividend payments or share buyback, and to target increased total shareholder return through reinvestment, and subsequent share price growth.
It is anticipated that the global market volatility and credit restrictions will yield attractive opportunities for companies that have short term funds and can act relatively quickly, and PPP is well placed in this respect."

4thQ2008
"The Company has agreed a growth strategy focusing on new venture oil opportunities in the South East Asia, and Australia-New Zealand region, with the intention to provide exposure to oil price upside. The primary objective in the near term is to locate one or more producing assets to provide additional production to complement Tui, which is declining. PPP is also committed to developing a balanced exploration portfolio in proven basins, with a priority on low-medium, rather than high risk prospects, tending to limit high risk exposure whilst building a core portfolio."