Agree totally with the sentiments
I still don't get though why people think IVZ will look like the same company in its current form if it can't prove a flow at its core basin opening play at MK2. If it can't then there will be no 40 million drilling campaign at a new target next year and why the 2D would have been a waste of cash.
The reason they've done 2D is SM has taken a 4 mil punt that it will add value to the farm in and project only IF MK2 comes in good.
Hence why his corporate management and punting does seem somewhat odd
Punts on a Boom or Bust situation in MK2 with no farm in partner
Doesn't punt at all on when to raise cash past history suggests they will raise at any price before spud if they still need cash. Pays Polaris 400k worth of Stock at 12c which is a huge discount to what the stock was trading at in August (is it not cheaper to raise at 14c and pay Polaris from this cash ? would suggest 12c would is still the next raise price to me as well).
Punts on 4 million worth of 2D seismic which is only worth something if the boom or bust situation comes into play.
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