Thanks Dan for this update, very glad you could attend and...

Thanks Dan for this update, very glad you could attend and summarise.

I personally don't think it's a positive sign that the brakes have been put on outlining a drilling programme citing a spike in drilling costs. To me, that and citing a drop in oil prices as reasons not to progress demonstrate viability concerns. Predicting the price of oil is a mugs game and sitting on your hands waiting for a recovery while you've got your only major new wells pumping at near peak sends a very mixed message.

I get that the company is trying to maximise profits by timing the market in terms of oil price and rig set up. But that's what hedges and future contracts are for. The business needs to stand up for peaks and troughs.

In terms of land sales, it's great that the company is flexible in its thinking. But it now appears there is no clear path to monetisation. The company isn't sure what to do and like the market has predicted through its treatment of the share price, has severe doubt in the ability of the company to monetise.

A land sale deal can happen in the blink of an eye, so you either hold and hope or you don't. Trying to read the tea leaves on it and buy in before that spike will be more luck than anything.

My reading of things will be very little progress in terms of proving up resources, the four wells slated for the remainder of this year will almost certainly not occur.

Brookies hold a lottery ticket, hoping against the odds the team can sort out some sort of deal to advantage shareholders.