In a word I would describe this announcement as uninspiring.
They are loving this 2 year extension in QLD aren't they, to me all that does is take the pressure off the directors to produce anything and just gives them another 2 years to cruise along collecting directors fees.
I would like to see the pressure squarely on them at this point to produce some decent results, which they clearly have not done to date. Not dump 20 million on a horizontally fracced well that managed to squeeze a fart to the surface and they consider that a success???. Not test a well for 45 mins and then shut it off and leave doubt out there as to why they would do that, did it just run out of puff???. Uncertainty about the results of the drilling they have done to date is what is killing the share price IMO.
We need to see some solid and concrete results that will make a good quality company take notice and want to farm in to the acreages.
AJQ Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
