The recent media release by CT on behalf of TEG stated, quite clearly, that there was a real expectation that two (2) wells would be drilled in the first half of calendar 2024. The directors are now seeking a performance rights issue to CT and other members for achieving what they have stated will be achieved. The third well location was stated to be uncertain and would be defined once the outcome of the first two (2) wells were examined.
The issue of PR for effectively achieving 50% (one well) of what has been outlined as to be achieved is surely not within the spirit of good and accountable corporate governance. Pretty sure that if I went home from school with a report card that said... has great ability, but did not achieve what was set out to be achieved and therefore a 50% mark for efforts... I would have been sent to bed without dinner.
A clear abuse of power in my opinion.
As usual DYOR.
TEG Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
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