Exactly what we got Management unable to execute even Page 1...

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