Ann: Maiden JORC MRE for Storm, page-102

I like your posts, so this comment is with respect to you.

I too hate the downrampers - and used to attack them with gusto, until one day I got into a meaningful discussion with one.

We were on a oil play - not my cup of tea, but the news was so fantastic I could not help myself- only the downramper was anti.
When we got chatting he told me that he was disabled by accident and got a large payout - he took it to a respected Financial Advisor, who for a sizeable percentage invested it all and lost.
Now all he could do was research the market looking for crooks, and he found one on our wonderful oiler.

Long and the short of it is that hidden in the small print in the Acquisition Agreement was a clause that the Vendor could acquire back the project for $1.00 if the Company became insolvent - It happened.
The Company had $1 mill cash but a $1.5 mil payment came due as the CR was being arranged. So the Company was technically insolvent and was returned to the vendor plus the millions we spent on exploration.

The boss of our Perth based Company was convicted of fraud and was sentenced early last year - never bothered to find out whether he just got a slap on the wrist or some months in a quiet prison farm with fine food and wine supplied by mates.

Mate, the game we play has a dark side, players need smarts, I'm sure @Giovanni33, who willingly shares his research, would agree. But all posters whether pro or con need to be assessed on their merits. And GL with that !!

And @Giovanni33 - what is your No 2 copper? - tag me there if you like. I have been offline with computer issues, and missed my tags. Tks.

For me, I'm an old retired bloke, who invests to stay ahead of the money game, and so I present my holdings in the best light. But also to help others who have the same interests as me.
If I could I would like to invest like the late Charlie Munger - impossible for a mere mortal, but google him and learn.

ps Charlie Munger passed away 34 days before his 100th birthday - which would have been today. Vale Charlie Munger.