The old strategy would have worked if buyers of gas or buyers of...

The old strategy would have worked if buyers of gas or buyers of gas assets were willing to take on heaps of risk, uncertainty and were willing to spend lots of their own money to remove that risk. That was fine 15 years when there were lots of desperate or deluded foreign or domestic investors.

Unfortunately, the world has moved on. Rightly or wrongly, the gas sector is really out of favour with investors in general. There are no foreign investors still interested in coal seam gas in Australia. Gas buyers are not willing to take on all the risk in Blue's assets.

Unfortunately, the Johns have failed to be honest with Blue's shareholders about how much risk exists in Blue's assets, how the world has changed and why the company's strategy needs to change too.

Maybe this is the start of a new phase of honesty...