Hi Cmark,If you or I employed a group of people to perform some...

Hi Cmark,

If you or I employed a group of people to perform some work, who claimed they were experts in that field, and following 10 or 12 years, they hadn't delivered but had kept making the same promises and taking decent chunks of money from us each year, we'd be pretty fed up. I doubt we'd keep them on for that long!!

In the case of these guys, they have spent over $100 million (sum of accumulated expenditure and impairments on the balance sheet) for a company that the market values at $55 million. This isn't about a recent drop off in the share price. This is about years of promises made and non delivery.

My assessment is that Mccaul and Mcckay no longer have any credibility with Santos or Origin or in the industry at large, which is why they can't do a deal over Mahaloo or with a credible firm or gas buyer that will provide financing for the other projects. I think this is the fundamental problem.

This is my "sensible suggestion". Mccaul, Mackay, plus Swably and Peters (who have also been on the board for more than a decade) should go. It is clear that the last two just take the money and don't deliver anything. There are two other more recent directors, not tainted by this decade (plus) of non-delivery, who should take control and begin a search process for a new CEO. Their goal should be to find someone who would be viewed as credible in the industry and amongst the financial markets.

Thoughts?