Having just read the latest presentation.I'm underwhelmed to say...

Having just read the latest presentation.

I'm underwhelmed to say the least.

Total lack of ambition.

Only 20 new wells in 2013, Year end target of 3,500 boepd on a btu basis.

Production of 5,000 boepd by end of 2015 !!!!

I have also noted several other key points in this presentation.

EUR's for SS wells lowered from 225,000 boe to @ 205,000.

Which looks like an ominous sign for the 3rd party reserve report.

Current production @ close to end of November appears to be @ 2,000 boepd on btu basis.

With only really Ray 6 still to come onstream this year and another month's production decline from other wells to occur before year end, it looks like the company is going to fail in yet another of its committment's "to end the year with production of over 2,500 boed on a btu basis"

I find it hard to believe that they have allowed themselves to get into such a position. When all they had to do was drill another couple of wells to ensure the target was met.

There is no chance of the share price reaching A$1 by year end (let alone the company's own commitment of a A$1.50 target) barring an outrageous bid from someone.

Personally I see the share price only drifting lower for at least the next 2 months as there is going to be nothing in the current portfolio to sustain it or drive it higher, in that time frame. With only 20 wells planned for 2013 it maybe well beyond January before there is any sign of drilling resuming.

LOTM