The illiquidity cuts both ways - there is currently nothing for...

The illiquidity cuts both ways - there is currently nothing for sale at the notional $6.16m MC (0.9c), you would have to buy at $6.84m (1.0c) and even then there is only about $14k worth you could pick up.

There is no material volume on offer until mid-2c range. It's very hard to accumulate a large holding here, and why we have such a large number of unmarketable parcel size holders (check the annual report when it comes out, nearly 1/3rd of the register hold less than $500)

In the absence of any operational activity such as new well investments (as pointed out by Value), we really need to focus in on a corporate & capital cleanup here:
1. Buyback unmarketable shares at this low share price (holders need to opt-out under ASIC rules) to reduce total number of shareholders
2. Decide on a capital management strategy between (or a combo of) - on-market share buyback for 5% of the SOI, reasonable dividend, return of capital to reduce cost base

All of this will give holders some "return" on their investment whilst waiting for the earnings to keep growing. Otherwise we will suffer a continuation of this slow drip-feeding into a shallow bid stack.

ie Management would actually need to do some work, as shocking as that sounds