So State Gas (GAS) has found gas and is constructing the...

So State Gas (GAS) has found gas and is constructing the infrastructure to sell the gas, and their shareprice is wallowing. Omega (OMA) has a contingent resource of 1.73 TCF and their share price is dropping, despite the east coast gas shortage.

There's plenty of opportunity for the 'big boys' but they don't seem too interested. Realistically why would they be taking any part in EXR at this stage?

I'm not being negative, just realistic. We completed a capital raise just over two months ago and chewed through the cash drilling Queensland - which seems to have been very successful. If we do it again then why wouldn't we be out of cash in another two months.

The reality is we're in a capital constrained market with little love for oil and gas projects. We have a Belarusian on the board - which I thought was great at the time, but there's no way we'll be selling to a Russian major now - but I'm really unsure what's going on in Mongolia anyway. Is Richard Cottee really the answer - see State Gas!

I still hold, but I consider this a far more speculative bet now - due to uncertainty around Mongolia, a lack of investment interest in Qld and tight capital markets.

Neil has been hinting at 'majors' knocking at the door on too many occasions for my liking. The capital raise at 36c was to drill the hell out of Mongolia so we could fatten the pig for market - that didn't happen.

This feels like it's in strategic drift.

Just my opinion, but I think it's important to consider the things that are going wrong, and not focus too heavily on your own reasons for investing. Research shouldn't be conducted to confirm your own bias.