The stupidity of management has no limit it seems. I stand by everything I said in this post not so long ago:
https://hotcopper.com.au/threads/strike-3.4492766/page-6?post_id=36394982
Except now BYE's drilling success rate is even worse at over 80% failure, MEL has next to nothing left in the tank to make a decent shot at drilling our Aussie assets, and we're even gifting our hard-earned and scarce remaining capital to BYE via out-of-the-money options, paying 20% above current SP of 21c.
This well cost us $4.4m + $1.75m = $6.15m !!!!!!!!!!!!!!!!! And any thinking person would have known this was, not a possibility, but a probability, based on BYE's pathetic drilling track record. It beggers believe how management could have agreed to such stupidity.
Congrats to management for reducing the SP by 60% in less than a year.
(20min delay)