I couldn't agree more Gharp - or is his actions perfectly OK because just by the way he and another director sold shares during that pre-spud time? How convenient!
KIT: "There is NO price sensitive news at the moment, and the company IS NOT OBLIGED (by ASX or any other rules you make up) to make an update or disclosure to the market"
In drilling this hole, which may be an "appraisal well" any additional information, good or bad, increases the facts about the potential. Which IS price sensitive. IF you are a geologist you should be aware of that - any resource estimate is just that, an estimate. If you improve on the data feeding into that estimate then you improve on the accuracy of that estimate! If you truly believe in this "appraisal well" there will be no additional information that isn't price sensitive I suggest you are very naive. Lastly, as a number of other posters have already pointed out, AP stated himself: "Our CFO and I will be on-site in Cuba for the month of June to oversee the commencement of drilling, leading up to the expected recovery of first oil samples. Now that activities are accelerating on site, the Company looks forward to providing a steady flow of updates". AP set the rules, so he needed to follow them!
