Farewell Mr Hubbard, suspect most shareholders won’t miss you.
Although we cannot dispute the 5 points made in this announcement about what Rob watched over, it’s also worthwhile adding a few more about what he actually did do, just for correct historical purposes;
a) actively participating in the gas market reform process, which should result in a substantial reduction in the cost of transporting gas;
b) acquiring 50% of the Mereenie oil and gas field and developing Dingo gas field;
c) committing to upgrade the Mereenie gas processing plant, with a target of increasing production of Sales Gas capacity by 250%;
d) commencing FEED for Palm Valley, aimed at increasing the production of Sales Gas capacity by 400%, and
e) initiating it’s drilling campaign at Mereenie, Palm Valley and Ooraminna; f) taking the market cap of the Company from $122m when he joined in 2013 to the present value of $102m, a reduction of 16%;
g) Overseeing a drop in the share price from when he joined in 2013 by 62% from 39.5 cents to 15 cents;
h) Executing a Scheme Deed with Macquarie for a takeover of the Company at 21.5 cents on 10 March 2017 when Oil* was at A$67/barrel, in comparison to today’s A$98/barrel. Thereafter lobbying shareholders unsuccessfully to accept this lowball offer under the guise of fiduciary duty.
It’s not all negative however, at least Mr Hubbard has had the decency to (finally) fall on his sword… his departure at least got the share price up by 0.5 cents.
*Oil prices quoted are Brent prices with AUD/USD conversion rates accurate at the ti
