Ann: TTE US Update & Reserve Clarification , page-5

morning all,

re. Director buys - particularly by Garner.


His history suggests hit and miss.

I am sorry I can't elaborate here - I am away and don't have access to my full resources - but I have researched this heavily.

My reluctance on taking a position in tte comes mainly from lack of cash - however that is a different issue.

So, with apologies for lack of detail - this is what I remember from the research.

Garner has actively bought and regularly supported a few companies.

One was very clearly a dud -- with a capital D - I remember seeing the chart just following his buys where the chart went into a long swan dive --------- not a pretty picture.

In that deal, I can't remember how much he put in - but it was significant and there were multiple purchases. I think it would have been in the hundreds of thousands - but, I am unsure now until I see the figures.


On the other hand - there was one company where he also put in regularly and with a significant amount - and, in that case he made a large killing.

Now, I couldn't tell where he actually sold - because he resigned and kept his shares - however when the stock ran after his buying - I remember doing a back of the napkin calc. and he had, at that point made on paper about $60 million - give or take.


So, the end result is ---------- he is hit or miss.



At this stage, imo TTE is probably a good punt -----

my concerns ------- aside from it being an energy company :)



1. Cash - pretty dammed obvious - talk about walk a fine line.

2. There is a constant drone of criticism from long termers about TTE being very very slow out of the blocks to drill.


Now - cash, well, you can't get away from that - they NEED cash - even if they do farm ins and JV's - you NEED cash to run a company --- end of story. Where will it come from?
And if from a raising - then will it be a 'good' raising - or one of those pain in the butt one's that devastate holders?

Personally - I think it should be ok if it comes - as they would only cut their own throats - unless they have a game idea in mind to take a much larger share of the company -
they don't strike me like that - but, who knows?


As to getting on with it - ie. slow to actually do something?

Well, I am listening to existing holders on this - however, is it possible that these blokes like to have the ducks lined up properly first?
Is it possible that they aren't as 'cowboy' as many other oilers?
Is it possible that they want to minimise the risk and conserve capital and hence the need for dilution?

I have no idea - as I say, I listen to long termers on this.


have a great day all

Pinto