The major concern with GBP is the constant bleeding of cash for...

The major concern with GBP is the constant bleeding of cash for "administration and corporate costs" to the tune of AUD $1,5m per annum inclusive of $0.5m of directors' remuneration and fees. If you track back to 2012 GBP had around $23m. cash at bank. The company has a substantial board of directors all drawing fees and seriously has very little to show for it. The administration costs paid were around $1m per annum back in 2011 and have gradually increased since so around $10m has been simply spent in payments to directors and other office expenses. Now the company has less than $5m remaining in cash, so roughly $8m has been spent on actual oil exploration expense and a fair proportion of this was on a Namibian duster - and Namibia is where they are still trying to achieve something?

The comment below represents part of the 2014 annual report. Something similar was probably stated in each annual report.

"The last year has been a frustrating one for management and of course shareholders, which has been reflected in the share price, albeit against a difficult E&P sector in the stock market, where sentiment has been negative for some time. Considerable effort has been expended seeking and evaluating opportunities to acquire suitable new exploration assets."

I used to be a holder but I gave up two or three years back when it appeared obvious it was all a constant downhill slope.