Ann: June Quarterly Activities Report and Appendix 5B, page-6

Not really an inspiring quarterly or year TBH.

The chart shows everything is lower now than at the same point last year except a higher price received per barrel. I expected this quarter to be the strongest to date but there were issues. Scale still hasn’t been sorted even though attempts were made to rectify it.

Performance needs to be much better this quarter.
Oil price is the highest it’s been in years and the company is going backwards.
Outgoings of $1.2m with a bit less than $1m in the bank.
Sales will keep us out of trouble but more ongoing issues will leave things very tight.

At current levels it’s cheap if you believe the company can turn things around.
I’m undecided whether to pull the trigger again.
Right now market doesn’t think they can.