Kat are you suggesting a deliberate act of malfeasance here? If you are that is quite serious and you need to take it up with ASIC otherwise you become part of the problem if you let things lie.
My personal take on things is that PRL is a victim of being undercapitalised in an industry that is going through massive upheaval and being at the wrong end of a discovery it is hard to gain traction literally. Not to mention all those external forces conspiring against you as a fossil fuel hunter.
Three or so years ago PRL tried a CR just before we saw a huge drop in the POO. The timing couldn't be worse and the CR failed. No one, except for a few guessers, saw this correction coming and it really wasn't his fault.
I don't understand why DC would be manipulating this thing so options fail because it's an instant $10m if he succeeds. If he is trying to gain from the options alone can someone please tell me how he is doing so. Certainly PRL as a company stand to lose big time if the first well fails to get a guernsey because we will need more capital and go, cap in hand, back to the shareholders, sophisticated investors and the market,
The only upside, assuming no malfeasance, is that we can go back to the market get more than $10mm with less dilution.
So just for my education can you or someone please school me as to how DC stands to profit from all this, how we (esp option holders) are being duped and any evidence of such ie no guesses or conspiracy theories. Is this one of those things that can go wrong in what is after all a high risk stock and we are all witnessing what can happen in such a stock.
.......and please don't give me a lecture about being naive or not understanding business because I'm not the one crying foul and have been quite active and critical of the company's lack of communication. Still waiting for a reply from DC plus I have no doubt that games are being played for advantage but those games could very well be being played by external agencies and PRL are the victim here. With a bit of imagination I can think of a couple things that could be perpetrated against the company for gain.
Being an option holder as well I was expecting big things but having been involved in projects on a much grander scale I can see and believe how things can become delayed.
To put it in the words of Donald Rumsfeld
There are known knowns. These are things we know that we know. There are known unknowns. That is to say, there are things that we know we don't know. But there are also unknown unknowns. There are things we don't know we don't know.
I would suggest we fall into the later category for the moment.
Anyhow while there is time there is hope, however, if I was a betting man I would say that it doesn't look good for our (option) heroes. We all knew that you could do your dough on this so no point crying about it. It certainly has that feeling ATM that options will expire without a whimper and we will need more money.
I really do hope something positive happens but it is beyond all of us to influence how things will transpire. At the end of the day it is what it is. If you think you have been done wrong by then do something about it, if not then we will all need to grin and bear it.
Good luck to all and here's hoping.
Cheers
BW
