ggp reply from steve graves (from others)

Hi Guys

I copied from other investors from other forum. I don't know if I am allowed to do that. But I really want to share with you guys.


Ticker/Symbol: GGP Reply from GGP from Steve Graves
Posted by at 2009-12-16 10:42:29
Viewed: 25 times Position: Unknown
Post #422574


Appreciate your interest and concerns. As I may have mentioned, our share price has fallen over recent months due to two of our largerst shareholders with over 30% of the outstanding shares selling. The selling is primarily based on the results at Bullseye where the very large Cib Haz interval did not work. Both of these shareholders are Hedge Funds with their own issues and are moving on but have put substantial selling pressure on the stock up thru now with probably some additional holdings remaining. On the positive side, GGP has picked up over 1,000 new shareholders and has a much more diversified base.

While Bullseye is a productive development from the secondary target now on production, it also left us with substantial liabilities. Numerous actions were required involving debt conversion and restructuring, raising new cash via equity and changes to management. Most of these tasks are complete and the balance is expected over the next few weeks.

Over the last 5 months, we have had two formally announced shareholder meetings, three formal investor presentations on our website, over 30 meetings with investor/broker/shareholder groups in Adelaide, Melbourne, Sydney and Perth, along with countless media releases on almost a weekly basis. A new strategy has been put in place with lower risk, more oil based projects where we have smaller working interests over several projects (versus one big project). Fausse Point and Bowtie are two of these projects with others being developed.

Alot has been accomplished in recent months to create the new direction for GGP. However, the share price does not reflect all the positive steps taken due to the selling from a select few.

Hopefully it does set the stage for positive results from success at projects like Fausse Point.

Regards, Steve