Good General & Admin cost reduction if it’s sustained, glad to see an insurance claim submitted to recover some of the F5-ST drilling costs (approx ~AU$4.6m if successful with the claim). Unfortunate to see that well really is a duster tho, as that frolic burnt through a good chunk of our cash. Unbelievable that this mob cannot record a profit for the half year - that alone would be a very positive market signal to improve the stagnant share price. They need to focus on banking revenues now while gas prices are up.
Notable language on the ATO class ruling: “Unfortunately no assurances can be made as to the outcome of the ruling request or the timing of receipt.”
It is standard language but for some reason it stands out to me as a potential softener to announcing that the ATO ruling has gone against them after years of trying, and that they cannot do the cap return in the manner anticipated. Then it’s back to the drawing boards. Maybe they should be doing a buyback. This shocker market cap, as a result of the depreciation in share price since that cap return was first announced, cannot be helping things and a buyback plan using surplus cash may be warranted.
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