Well Gustie old friend I sure hope you are right as the 3Q cash...

Well Gustie old friend I sure hope you are right as the 3Q cash report was decidedly under whelming.

I stumped up $30,000 in the last CR which was to be used in the main for additional exploration and flow testig only to find it has been spent on pen pushers.
The team photo looks like a Price Waterhouse Xmas party.

Up to end of FY 10/11 the spend ratio of admin/exploration was 25/75 this FYTD it is 55/45 not a good look .

This FY already has an admin expenditure of $270k [after 3Q] more than whole of FY 10/11. .

On the other hand exploration expenditure is down from $7.5m FY 10/11 to just $2.6m FY 11/12 after [3Q].

The new CEO plus increased Directors fees will be approx $105K per month which is a fair wack for a company that has no cash flow.

Percentage wise admin is up 47% exploration down 47% ouch!

The big plus I see is that Bernie Ridgeway is on the board and as the main player is sticking with SEH.
I can't see him allowing the hiring of a CEO at $500k if funding was not under control and cash flow imminent . At the moment we seem to have two office staff for every gas well.
Don't want to be a wet blanket but at this stage a snap of a team of muddy drillers punching out wells would have been a better look than an office full of suits .
Stepen Lyons definitely has that "shit I don't think this is a great idea" look on his face.
Gustie unlike some others you have never been afraid to put your money where your mouth is so hears hoping the news is good and the gains fruitful over the next month or so.