Bit of a harsh response aabbaadd to lane, who was actually giving you a compliment, and quoting your figures, albeit perhaps a little too optimistic on the timing.
As for quoting Warren Buffett and Value Investing to apply to CTP avemaria, that's a massive stretch. The SP for anyone who invested more than 3 years ago is woeful, and the highest it's been since was from a low-ball takeover. This is of course all in the context of the board telling us riches were right around the corner each year.
aabbaadd has rightly quoted our former MD Cottee who teased shareholders with a promise of "boring annuities". So now we should all forget that (along with the 1,000 PJ reserve forecast) and just hope that long-awaited cash the NGP produces goes into successful exploration?
And what success have we ever had with our historical exploration? The vast majority of our current reserves have been from acquisitions and hooking up those new purchased fields into the market. While the last CR of $27M was supposed to be spent on firming up exploration, all we got was ~10PJ of 2P from PV13 and the rest was spent on subsurface facilities.
If Dukas disappoints, exactly how are shareholders supposed to be rewarded for their ongoing patience in this company? Of course we should still drill, but at least also provide some (financially responsible) immediate gain back to shareholders for the benefits achieved to date. Otherwise expect the SP to stay under 20 cents for quite a while longer, unless some other suitor has a grab at 25 cents (and this time will likely get it).
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