Ann: Loongana Drilling Update , page-11

I'm surprised this impacted on the SP to that extent to be honest. The pre raising registry was basically all Naracoota, and i would have thought 100% EV would be for this. I remember when I had my raising inspired rant a couple of weeks back about management needing to focus someone made the quite valid comment that Loongana might not be able to be deferred due to drilling contracts. Now would be a bloody good time to put this project on the backburner and get moving on Naracoota. I'd buy in again if they showed this inclination. With no project to speak of they now more than ever have reason to focus. Unless they can show some intent on naracoota very soon there appears very little upside and basically pure risk in RHM. I will happily wait from the sidelines until then. I'd pay much more than 13c based on the potential in this company, in return for some form of guarantee that management aren't as hopeless as they look.