disappointing, page-43

On 31 May the Company announced regarding SOA - "a total of 220 feet of propspective resevoir rock with oil shows have been intersected". On the back of that the sp jumped to 10c and we all thought the company had turned the corner and there was nothing but blue sky ahead. Less than 3 weeks later the sp has crashed to 5.2c (down nearly 50%) and SSN is now little more than a "penny dreadful" with an enormous amount of work to be done to be even considered as a player in the O&G business. The market has obviously had enough of TB and his "you ain't seen nothing yet" promises and his optimistic global presentations.

The company has spent nearly $40 million on SOA, Aus2, Defender, and Gretel without any significant return. There's only about $30 million left so maybe Sandys is right and TB should step aside and let someone else have a go. I wish I could find a job that pays $1 million a year + and you don't have to worry about turning a profit.

Gee I hope I'm wrong but I think after today's slaughter SSN has gone past the point of no return and will struggle to stay in the 5 to 6 cent range for the forseeable future.