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Originally posted by ASXspecialist:
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*Amended version*Why would this occur if this division is profitable and can provide some much needed cash flow to support UK activities? Especially after the annual report and chairman's statement both boasted how well the division is performing? Unless they want a cash injection, to prop up a risky venture in the northern hemisphere? 2. The political climate with respect to fracking in the UK is itself very "fractured", so how can a company bet its entire business on this one activity when at any moment government legislation may shut it down. Especially in today's extremely political correct world, where the typically crazy leftists seem to have made cowards out of everyone else wanting to support the industry? Is this a safe path to take, betting the whole company on hydrocarbon exploration in the UK?The chairperson for some reason seems to think that the highlight of the year is the company's safety record....? That says it all doesn't it. So no one was injured, but the company is losing money. Brilliant work Mr Arnall.
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1. Drilling service operations is dependent on coal market in Aus. While it is profitable its margins are barely cover the interest payment to service its debt to Kerogen.
