you would only buy a company on cash-backing if you believed...

you would only buy a company on cash-backing if you believed that management would spend the money wisely.

The fact is that this management has proven nothing of this sort...in fact the total opposite

Hence this company should only be bought at a significant discount to its cash backing, given the management involved.

There probably hasn't been a bigger disaster than this company in terms of its communication to shareholders and how bad the drilling results were (especially compared to previous hints provided by management).

I know I was naive in buying into this and ignoring all signs, but please learn from other people's mistakes.