I thought it about time to recap some of the absolute baggings a...

I thought it about time to recap some of the absolute baggings a lot of the posters were having towards the new management team.

I was always and still am quite impressed at the job they have done so far. Yes, they are spending money a little faster, and some may argue that a lot of the deals done so far can be accredited to previous management. There were concerns that the equity transfers would not be done, and that a rig not found.

But the truth is this management, in the face of an extremely difficult PNG ministrial process and GCF has managed to;
- recap the balance sheet
- execute the equity transfers
- lower the costs associated with 266 seismic
- source an alternative drill rig for 267 with the Rift rig still up in Singapore.
- create a very good relationship with TLM
- continue to execute a very clear plan on how they plan to add shareholder value.



Without going to much into it, these guys were copping an absolute hammering from a lot of punters. It is time to suggest that these guys are doing a good job.

This will be highlighted further if a deal to de risk 267 can be done (which i think it will). If a deal gets done, i reckon it will be on excellent terms. They wont give this one away, and why would you, for 10m in the hole and a targeting a 187m prospect, i would rather go it alone than give it away too.

On another note, the drilling that is expected to happen in April will not be so in my opnion. The term "commence drilling" i think will mean more like, sign the contract, and set the schedule. But from what i can tell this rig will need to be shipped form QLD, meaning that this will take place during April wilth a spud date in the first couple of weeks in May.

Still good, but I dont think they can do it in APril.

Company is in good shape, good luck to all holders. If the drill contract is signed this week i expect share price to trade 25c. If drill contract is signed and a partner announced i think it will trade north of 30.

Super