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1.5¢ pancontinental energy nl

General Thoughts, page-2587

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Billja

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82

16/02/24

00:10

Post #: 72434047
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Originally posted by phx: ↑

"Iain did well to manage that 'my way or the highway' major shareholder and the net result was a win for NWE shareholders. They do realise that after the drilling at Lockyer and North Erregulla, if NWE was still listed, it would be trading at 2-3 cents!!"

I don't want to get into arguments on NWE, this is not the place for it. IMO, while your comments are correct, they are misleading.
Although NWE was the minority partner, MinRes needed NWE's agreement to do anything.
Basically, NWE had them by the ballz.
The BOD sold out before the drilling. The lack of takeup from the takeover offer was a very clear indication of what the shareholders thought of the BOD and offer.
Nobody expected the drilling to show water - ask OldGeo.
NWE had already proven they had gas and MinRes needed it for their future plans.
The drilling was to prove the extent.
Again, this was after the BOD sold out.
Oh, yeh, at the last AGM they gave themselves a very healthy allocation of options that suddenly came into the money.

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Don't forget MIN also changed the planned drill to a less desirable/riskier drill....and low and behold, post compulsory acquisition, drilles the originally planned LD2 which from what I gather turned in very favourably.

PCL Price at posting: 2.1¢ Sentiment: Buy Disclosure: Held
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Last 1.5¢		Change -0.001(3.33%)		Mkt cap ! $117.9M

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