Ann: Security Purchase Plan, page-6

So let me get this straight. Management repeatedly issue themselves massive quantities of shares at 0.1 cents, yet when it comes to shareholders they force us to pay 0.13 cents? It might not sound much but that is a 30% increase over the price that management pay. Does this sound like a management that has any regard for we shareholders?

Furthermore, they provide an unusually high amount of detail regarding how these funds are going to be used, with supposedly only $540k going to admin/staff. Given that it is clear (to me at least) management's main aim is to continue funding their lifestyles rather than working in the best interests of shareholders, I have zero faith that much more of the $8.4m won't be funnelled off to family, friends, and business colleagues. I have little doubt that, legally, they'll be able to use these funds "as they see fit", so I would not be surprised at all if much more of the funds are moved from drilling to paying admin/staff/creditors/etc.

Fool me twice, shame on me. They get nothing from me at 0.13 cents, given the above, and considering I can purchase on-market at 0.1 cents anyway (I just got another [email protected] last week).