Ann: Presentation - Master Investor Sector Focus - Oil and Gas, page-3

Not that I usually defend management!!
Drilling in Europe is far more expensive than the US.
Tighter regulations (employment regulations, noise, cutting disposal, water treatment, ...), higher and fixed labour costs, high mobilization costs due to lack of consistent drilling activity (single digit wells in Austria per year), lack of available rigs due to focus on increasing gas storage capacity in Europe.
I think wells drilled by drilling company that used to be owned by RAG, sold at similar times to the ADX Austrian assets to a Polish operator ... in this case don't see Director interest being the problem.
But this is a hand to mouth operation ... the new oil well only partially replaces production lost at the older fields (down over 31% since acquisition) ... so higher prices only barely keeping revenues flat, and as usual had to do capital increase this year to help pay down debt.
Every project they talk about needs cash for capex, and they have to always find 3rd party investors, which given the 20 year track record gets increasingly difficult.
Without the current European gas market conditions I doubt they would have gotten their latest farming ...