Ann: CEO Presentation - 2015 AGM, page-2

For all the monkey's running around indicating that they found a stock with 200% cash-backing, the following little gem might shed light on why GDY has been trading at a discount to cash,

• "Celsius-1, Habanero-2 and Habanero-3 wells P&A in FY2015 reducing risk and liability for GDY
• Habanero-1, Habanero-4, Jolokia-1 and Savina-1 to be P&A in 2016
• P&A program and remediation estimated to cost ~$10 million with Origin to cover 30% and balance eligible for R&D tax expense with net cash cost being ~$4 million"

That is a very big liability, spend a whole lot more money, to end up with, ummm, nothing!

Few companies have perfected the art of burning money like GDY management.