To clarify a few points made by a few recent posters. KA contract extension was made last year, not new news. Was it a good decision only time will tell but he does work very hard and a likeable man. This well has been one big challenge.
Origin deal was known by some early last year but agree with Wabbit it does frustrate holders regarding communications as the news publically takes a very long time to come out, but in fairness to board they couldn't say it or could they. A simple mention they we are considering a bid etc could have been a better plan imo. Anyway it's dead and was very costly exercise.
Farmins have been going on for years and I know companies that were talking to them and nothing has happened and unlikely in short term especially after RGN and debt imo. Still a long way to go with this imo. Lockyer will attract and that will be positive I guess but will MIN like that? I have a better idea of what to do and will make a separate post even though some here can not tolerate what I say.
Broker reports have been many not just Hartleys and guess what none have been correct have they, why? answer how we have been run and decisions made not holders or POO. It's all about decisions made and results the company has delivered. We still have potential. Brokers reports come and go and they do post on HC.
Patersons May 15 - SP 50c, Target 80c, MC 51 Mil
Morgans Oct 15 - SP 50c, Target down graded from 90c to 80c, MC 45 Mil, interesting with this is the projected profits - June 16 - 7 Mil, June 17 - 10 Mil and June 18 - 10Mil
Hartleys Sep 15 - SP 40c, Target 75c, MC 40 Mil
Hartleys Jan 16 - SP 39c, Target 63c, MC 39 Mil
Hartleys Oct 16 - SP 31c, Target 57c, MC 31 Mil.
Getting their act together, I disagree as they have always had a plan to drill wells in the future but after the costly failure to secure significant reserves with RGN, delays, costs etc they had to act promptly as SP is all time lows etc and MIN need gas and would not be happy about waiting years imo. The big question is funding now and as I have stated we are not in a great position regarding that. Most holders wouldn't be excited to invest more money unless some changes are made imo. I wouldn't invest whilst we have the same team. They can say what ever they like but actually doing it is a completely different situation, again all dependent on debt- funding! Why not drill in Q2? That would make most holders happy imo.
They urgently need to make some minor changes on the board/management and hire the right people within the company so we are not so dependent on very costly consultants. Just look at costs and hidden costs in financials under salary/admin etc. I still maintain at least 2 positions could be changed immediately with an immediate effect. We seriously need a financial person with vision. This teams greatest failure has been the financial management imo. The second position is an industry O/G expert engineer/technical/ drilling we are too reliant on consultants in this field imo.
Look at our structure, is it really the best? KA CEO?, TI what does he really bring to us?, we have 3 Geo's SB, Milton and Ian Patton all good guys but surely we can fine tune this here, PG big investor?, TV?, RR CFO is this the best person and going off where we are maybe not? I maintain we don't have the right mix here and the decisions made and all these consultants hired has effected us bigger than we would like imo. We can do better, it's NOT board bashing! it is being honest and look at our investment after all this time look where we are for gods sake!!!! If I was MIN look at how they run their company and look how we are run simple isn't it.
MIN should step up and do this and then we can again be seen as a serious potential company once again. Market confidence could be kicked up again as this urgently has to happen. Seriously just look at what we have delivered and of course we can do better as we must to ensure we reach our true potential imo.
I believe they are in a more desperate position now as imo RGN will be not economical and they realise that. That's my take on the 1/4ly and recent drill report. So over to a small few to attack my opinions once again. Sick him REX, protect the boys at all costs!!!
So they had to say drilling and farmins etc. Nothing new. Again actually delivering is a completely different story. When I see DMP approvals and Funding secured then one would be happy. Have a good day to all. We can have success but big decisions need to happen now imo.
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