Agree, Invert. Nor am I convinced a takeover bid is as imminent...

Agree, Invert.

Nor am I convinced a takeover bid is as imminent or likely as many here believe.

Yes, the share price has dramatically halved, but it was off the back of two damaging 'misses' at SE that piqued the interest of short-sellers who saw a stock that had run pretty hard but straight into a brick wall. Strike was a sitting duck at that point, and moreover had no short-term catalysts likely to catch out punters short on its stock. Little wonder the price continues to flounder - there is simply no reason to bid it up.

So, deliberate manipulation? or simply the market-in-excelsior doing what it does? My money is on the latter.

But were a takeover bid to eventuate, it would I think face stiff opposition from our Board, which has positioned the Company for long-term success and has the fundamentals in place to weather short-term storms such as we are currently experiencing. You all know the story ...

> We have gas.
> We have cashflow.
> We have undrawn credit.
> We have scheduled a drilling program, and secured the rig, likely to add further reserves.
> The gas market in WA is tightening and our product will likely fetch good prices.

If I'm a Director, I'd want plenty of short-term value to give up those long-term prospects.

Don't forget the Board issued a statement in the wake of the Warrego deal identifying a 'look-through' valuation of 80 cents per share based on that alone. Circumstances change, yes, but with the very best offer today likely to be 40 cents, that leaves a large unfilled expectation gap.

I wouldn't be happy with 40 cents.

OOO