Yes, Carl needs to realise the Listing Rules apply to him. He...

Yes, Carl needs to realise the Listing Rules apply to him. He doesn't get to choose whether to withhold price sensitive information from the owners of the company. Confidence in the operation of the market requires that companies comply with their disclosure obligations.

The ASX is stretched and not always a perfect enforcer, but that's their job and once we see announcements it will be possible to see if they should have been made earlier and if necessary refer the conduct of the CEO and Company Secretary to the ASX.

Carl will have been allocated a specific officer within ASX to oversee his company's compliance with the Listing Rules. I will find out who that is and if necessary take the matter up with that officer once we see announcements.

Apart from anything else, it is a concern that the drillers may have undisclosed market sensitive information which should have been released before now. That concern is not reduced by the drillers taking payment in shares.