Ann: Letter from the Chair, page-8

One reason I continue to hold is the management.
Stuart Nicholls and the Board are top-quality businesspeople who want to build a company that produces something, not fly-by-night spruikers.
Another thing that gives me confidence is that we've navigated similar difficult times before. First of all, the current board and management navigated the extreme financial difficulties leading up to the drilling of WE2 (which also resulted in the farm out to TPD). The second time was when our JV partners at WGO did something I've never seen before and contradicted the Operator's (i.e. STX) assessment that the water seen at WE5 was 'perched.' This essentially put the two companies at loggerheads, and, I believe, was a far more serious problem than we now face as we were still dependent on equity finance to move forward. However, the company got through both these troubles because of level-headed management and some cunning decisions during the WGO takeover processes. I'm sure they'll navigate the best path forward now too, with the added benefit of strong cash reserves and revenue coming into the coffers from Walyering.
Sorry if this sounds like a love letter to management. But having seen so many small and mid-cap oil and gas companies fail (or languish) over the years due to incompetent or unmotivated management, at times like these, the 'intangibles' of management quality are critical in deciding to hold for the longer term.