Santos & Oil Search, page-3

The results from Santos is less than encouraging. It is disasterous.66 % down and something to upbeat about?? The fat is comming off most of these 'giants' as the blow torch goes to their bellies.

Bah Humbug, poor accounting practices!!. In actual fact there are few, I mean very few companies on the ASX that are outside of this tainted arena of reckless practices of fattening their balance sheets driving up share prices whilst executive remuneration was the only real beneficiary being tied to unrealistic profit and earnings reports. Let alone the criminal valuation of assets.

Executive remuneration is a little like paying large dividends. It is an exercise in a partial liquidation of the company.

OSH well thats aother storey. I slated the move by Sir Michael's goevrnment to do a proper audit on their assets which again were too optimisticaly overvalued and underperforming, whilst accounting practices took care of the gaps.

Oil Search and the PNG operations are in trouble. Whether or not the current government can withstand Australian pressure not to reveal the true extent of the rorts isanother question.

I stand by all of my previous research which alluded to the assertion I made 2 years ago and continue to this day that at least 20% of the listed companies ont he ASX are either technically insolvent, illiquid or trading on fictitious assets and performances.