I agree that aggressive risk takers are close to buy levels. The...

I agree that aggressive risk takers are close to buy levels. The management got in at 0.4 I believe and even they look at close to break even. The issue is a buy could mean having to wait a long long time before relevant profit potentially materialise.

It does seem like we are prisoners of RRE's decision. I am not sure RRE can stop HHR from signing a binding deal with Shell as HHR already signed a non-binding deal. Perhaps RRE is awaiting Aviro's conclusion on a possible take over of Shell's Baton-Pipe infrastructure. If RRE pulls out we will be done as there is not likely anyone to invest in stead. I dont think RRE will write off the project yet, but it could be put on hold for x amount of time.

Not having a cost reduction in the statement could point to no decision to stop has been made, or alternatively staff is busy assessing new ventures. After all they are exploration skilled more than operational skilled. The Cxx lady is no longer on the org chart I believe. She was operational.

With the tax changes, new licenses will not have the same appeal, which means HHR will likely get what they want, and thus spur the management to once again pursue new ventures.

Time will tell, but for sure you will never get an honest presentation from HHR. Never a plan of actions, never a balanced risk card. Always something left out on purpose. Not trustworthy in my opinion. Let us have Bell Potter confirm the projections they made. I think it differs only slightly if any.