I thought I'd replied to 618's post earlier on. I seem to be...

I thought I'd replied to 618's post earlier on. I seem to be having problems with the Hotcopper website on my phone.So here we go again. I agree the share price is only part of the picture but it is indicative of market sentiment and beliefs. It is the movement in the price that matters to my argument, not the number of shares on issue. I would comment that I do try to avoid completely subjective assertions such as yours about the market applying a management discount to Warrego. I cannot see what evidence that is based on. In my view, opinion is fine but please present it as such. Why do I suggest that you are making a subjective assertion here? Well, Strike was, and is the operator of what was Warrego's main asset. Warrego management ability to influence Strike was inevitably limited to the rights given to it in the joint operating agreement .That is not public information, so we can only guess its contents. Most companies use some variation of the AIPN standard agreements which would definitely constrain limit the non operating party's rights.The Warrego share price was severely depressed following the maiden reserve announcement in November 2021. Why did the price fall then (as did Strike's)? Well, not for the last time the price drop followed a series of announcements by Strike. I do not think anyone can deny that the West Erregulla have been well over hyped by Stuart. You can see prior announcements from Strike referring to over 1TCF of gas in the West Erregulla. HC contributors at the time were frankly contentious of Warrego's announcement of its more moderated view of the reserve potential. Then, surprisingly, it wasn't over 1TCF, indeed it was rather less. Ditto the South Erregulla. I know that Tooter has referred to this several times and I repeat it with a little trepidation, but "filled to spill "in relation to the South Erregulla does not mean 80 BCF in a well in an area of the field potentially subject to unitisation. In both cases, collapses in the share price were perhaps inevitable.