It would appear that the directors are working to get the most...

It would appear that the directors are working to get the most out of the company by creating the impression that the company will still be solvent until the next capital raising so that they can maintain their benefits by way of salaries and related party transaction benefits.

The issue of shares in lieu of directors fees merely slows the direct cash benefits that the directors are squeezing (blood from a stone) from the company. If they were "fair dinkum" they would take shares in lieu of their salaries and related party dealings because of their supposed faith in the prospects of company to become a profitable oil and gas producer.

So far they have only been able to produce approximately 100bpd and this requires continued work over of the wells to maintain this meagre output. Despite the high level hot of air emanating from the directors no gas sales have yet been achieved despite their best efforts over many, many months.

Their is also no mention of the work over of the well being performed by a third party for 5% of the resultant output. Could it be that efforts to date on that work over have established that the incurring of any further expenditure would not be covered by 5% of the resultant output if any.

Perhaps it is time to allow the company to pass away peacefully by voting no to all resolutions thereby bringing on its insolvency so that all shareholders can bring their suffering to an end.