Dear MJM23, in short yes. My views are far to the left of most posters and hence, my aswers do not meet the majority of readers approval, but but but I will accommodate your request for an answer.
JH had strong conviction as did the COO and the technical CTP experts at the time, that drilling another engineering well and full horizontal in the immediate Surprise (R-1) oil discovery would have produced close to 1000bopd, I believe this would have presented a greater oil flow and hence, more oil revenue and a stronger share price.
JH did not want to undertaken the infamous bean-counter made with Santos, this bean counter deal should have been applied though a global search process To seek a globally competitive best practice farmout and to maximize the potential to enhance a better Joint venture deal.
In addition to the above, the following was also promoted by JH as a means to enhance shareholder valuation.
1. Reduction of Shareholder dilution via partnerships, monetisation of discoveries and keystone investment
2. Not farming out ungranted acreage as land values are changing so rapidl
3. A best practice global “process” to canvass best farmin bids
4. Bringing more commercial talent to the Board
After two(2) years we have yet to drill one Single well under our own steam, the drilling done to date includes the toppling of a rig (no fault of ours) and the current drilling campaign all being done in conjunction with our JV. We should have drilled at least one(1) exploration well in Surprise, after two years we barely managed to secure the production license.
It is a hard argument because the event did not occur hence the known output is not able to be justified. We can argue the fact that e would have been bankrupt had we drilled another well, other disagree. We can argue black and blue that th bean counter deal had to be done, many others such as myself will disagree.
All I know is that communications in my view has been stifled, I prefer the manner in which JH communicated to its investors. I don’t like the progress made, under JH the direction would have been oil not gas.
It is my own personal belief that this organization (CTP) and its share price(AU$0.067) would have been far better under JH that current, look at the share price as of close today.
My only disagreement with JH path forward was the exploration and retention of the coal and happy that this and the geothermal was sold.
Like I stated above, many other will disagree, thank goodness for freedom of speach.
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