enough is enough, page-7

No, Roznov had been quiet.

>>

How I think we got into this situation:

TZ and Italy were stalled two years ago and directors may have felt they needed to justify their salaries instead of just sitting on our cash (and fewer shares on issue. what was it - around $7m cash?)
So they bought this UK asset to 'get busy' which turned out to be a bit of a lemon. Huge delays, prod problems and cost overruns saw multiple raising to drill a well most recently slated for Dec - and we are still waiting.
They then picked up this WA wildcat, probably for similar reasons to the UK and it was at this point the rebellion started a few months back. But the deed was done and they had to carry it through to completion even though *most* of us expected the wells would be a waste of time.

I think they were holding back on a TZ decision until they knew the outcome of WA. If they had had success in the 2nd well they might have had a chance at raising capital at higher prices with minimal dilution, but when it became apparent the 2nd well was also a P&A they had no choice but accept any two bob offer that came in for TZ to avoid the whole company getting taken to the liquidators in a couple of months time.

Huge mistakes have been made IMO, but I am not sure what choices they had with TZ after they painted us into a corner with the UK/WA gambits. They certainly needed to make an urgent decision on the way forward.

I want the best outcome for the company in the future, and I feel that could best be achieved by retaining the support of the few larger shareholders the company has even if the retail end gets completely bent out of shape.

Maybe the board wants to walk? If they don't they should put out an ann cutting salaries, expenses and lay out a clear path forward (including any assets they are looking at, even if it means they have to pay an option fee on a project).

As I said, I will call next week after the dust has settled and discuss their recent decision.

I am still ST Buy, LT sell as things stand. ST Buy because the 'assets' are clearly discounted, LT Sell because the current board has not done anything to inspire confidence LT.