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Lockyer Deep - From the horse's mouth OR What the JV partner really thinks about Lockyer Gas, page-233

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Jase71

2,444 Posts.

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01/03/23

22:49

Post #: 66549408
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Originally posted by V10: ↑

Guys and Gals, I can understand the passion for Norwest from many of the 'hold out' shareholder posters, but I do believe you should give Iain and the Norwest board a break and recognise that under their tenure the Norwest share price did rise from 0.2 cents to where it is today. Do not forget this.

Sure a cash offer from Minres would have been better, but you can rest assure that Iain and the board would have been trying for a better take over ratio from Minre for the shareholders and obviously their own share and option holdings.

To use the cricket analogy, the board played a good first bat with the target statement to reject the initial Minres bowled offer, but then came the bouncer from MInres that we don't really know about. Also maybe a bit of sledging from the 'bowler' Minres that we don't know about as well.

Better for the Norwest board to retire hurt, than a second vicious bouncer to the head.

I can assure you from personal experience that when you have a 19.9% shareholder in the public company you are running as MD, and no other major shareholders to match or balance the 19.9% share holder, that you and the board are living on borrowed time. You are subject to the whims/desires/machinations of the 19.9% share holder and you never know when the whip will be cracked !
This is what has happened to Norwest, so please do keep this in mind.

Remaining Norwest shareholders are backing their passion for Norwest and this is to be admired.

Personal denigration of Iain and the Norwest board is not taking into account the 'poisoned chalice' in my eyes that Iain and the board were handed and accepted for better or worse, when Minres became a 19.9% shareholder in Norwest. A 'marriage' is a good analogy!

And kudos to Minres as a mineral company taking on the huge dollar and technical risks in oil and gas exploration by pushing ahead with the drilling of Lockyer Deep-1. They still cant believe 'how easy' this gas exploration caper is!

Oil and gas exploration is not an easy path to tread as many posters know from other wells that have been 'data points' aka dry holes and not the 'sure fire discoveries' expected/promoted by the companies participating. I have 'been there, done that, bought the t-shirt and paid dearly for it' often in the past.

I do like the "Wildcatters Poem'- truly encapsulates the oil and gas exploration industry!

Let us remaining Norwest shareholders just let the drill bit do the talking with the forthcoming wells.

Apologies for the ramble.
GLTAH

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Fair enough but without transparency I can’t make an assessment either way, but it does appear they’ve launched their golden parachutes and left us in a cone of silence.

NWE Price at posting: 6.1¢ Sentiment: Hold Disclosure: Held
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Lockyer Deep - From the horse's mouth OR What the JV partner really thinks about Lockyer Gas, page-233

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