Ann: Trading Halt-AKK.AX, page-82

Plough
They more than halved salaries from the heydays but recently gave themselves a pay rise, in USD of course. They conveniently forget to mention that the market cap has dropped 75% when they talk about their amazing salary constraint or that more than half the assets have been sold while the shares on issue have increased 400%. For a market cap of 6.5m AUD I think a salary bill for the top two execs of 600k plus AUD is not what I would call cheap or restrained and yet they tell you it is an people lap it up.
If you add in other costs this company sucks up 1/3 of its market cap in G and A per year without making even 100k in revenue

Yes I do mean Bopd , my point was to get the 250bpd average you need to start with double that. The discount to WTI is 7 according to GG if you choose to believe him

Here is a tip , never rely on what AKK say. You need to always look for the facts . A little like George Orwell when they decrease the ration of chocolate , but announce an increase publicly and everybody celebrates .

They said they aimed at 500bopd and stated they achieved it when they achieved a gross BOEPD on a JV basis momentarily and most was flared gas. They didn't come close but announced they did by changing the definition
They told us cash flow positive when they were not
They say they have world class assets when they have not
They say they are low cost when they aren't producing so the statement can't be true as they have no way of knowing without production rates.
They say they are profitable at 40usd when they have no way of knowing level of profit or loss without knowing production. Profit is no doubt defined in some very very narrow and ultimately deceptive sense . Profitability in AKKs world excludes corp costs -that must be why they refer to the pathfinder project. The project may be profitable if you strip out costs of running the company, but the company will still make a hefty loss . Investors aren't investing in the project , they are investing in the company
They announce a 790ft oil column with no Logs - again deceptive
The company are masters of halve truths. As I said I was Personally told the CR was scheduled for after the first well flow results a matter of days before TH for CR, surely they knew they needed to raise and it wasn't a 36-48hr last minute decision.

I don't doubt their desire to find oil and profitably produce it, what I doubt is their ethics in tactics they use to raise shareholder funds to keep rolling the dice. Let's not forget how little they personally have invested in shares - less than 3 weeks salary !! They have nothing to lose other than the salaries , while investors have a lot to lose. Let's not forget the money raised goes to salaries ( them ) and drilling ( also them)