Exactly what we got
Management unable to execute even Page 1 correctly!!! see highlight item 6
Absolutely nothing negative in the report, as expected.
No intention of doing any drilling themselves, as expected.
Cash reserves under A$15M (as I have outlined for weeks now) as expected.
No hedge in place for the Breitburn holding, nor have they traded the stock in the market ether.
Cash Balance is now under A$10M when you account for the buy-backs in early January.
True destruction of shareholder value.
They don't have enough cash now to last 1 year given the predicted burn rate they are indicating A$3M this quarter.
Let the real game of Chicken commence.
LOTM
Ann: Quarterly Activities and Cashflow Report, page-3
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