Not surprising at all if you read my posts with an open mind. The TBN information flow to investors, including Sheffield, has been dodgy in my opinion - overtly trying to spin a disaster appraisal program that included drilling costs that were way over budget, drilling success rate of just 17%, flow rates far below what was promised after SS1, overpromised cost reductions that have no chance of being realised, no real viable gas marketing strategy to support full-basin commercialization, etc etc. The 100tj gas sale to Origin at what would have been a very low price is another legacy problem they are probably struggling with internally, not to mention the 20%+ in Override Royalties (highest I've ever seen) they have given up to the likes of Liberty and HP (please do your research before saying this OR rate isn't accurate). It all adds up to a very steep climb - not impossible, but it isn't the "sure-thing" investment that everyone on this forum desperately wants to believe.
Will be interesting to see if the new leadership will be more forthright with investors....
Have a great Monday everyone...
TBN Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
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