Ronstieb, One missin - Takeover, asset sale or merger. Unlike...

Ronstieb,

One missin - Takeover, asset sale or merger.  Unlike most posters in this space, I don't favour an OSH takeover - I would park my money in OSH if I wanted that.  They are no white knight.

Management tried and failed to deliver the ROC merger that would have been a much better outcome for all.  But there are still a number of cashed up oilers that fit the bill.  Until the recent cash return, Otto would have been a good fit.  Now, I prefer Carnarvon.  The question is whether the current management of both companies are willing to give up their jobs to make this happen for the benefit of their shareholders.  With their current salaries and bonuses and very few job opportunities in the O&G space, I think we all know the answer to this

I'll be making my feelings heard at the AGM and would encourage others to do the same.  Quite frankly, a chimp could sit behind the desk at a non-operating company and let quality assets in China and NZ produce cash to repay debt.  I'm sure the chimp would work for a few bananas until the POO returns to a level where PNG becomes attractive again.  We can then vote to oust the chimp and employ a management team again.