market reaction to total, page-44

Rafish wrote:
"Easy! JH didn't do any deals! Diluted your shares and p****ed $100mil up against the wall and drove the price to .4c. How's them for apples."

Rafish, That's not true, several deals were done when JH was with CTP, including RC's own QGC. They weren't very successful, but we did end up in a deal with BG. To say that he didn't do any deals is patently wrong.

As for wasting money - he had to drill to find something. Hence they were speculative drills. No one could say exactly where to drill. Was there some wasted money? Sure. But there always is.

And finally as for dillution, well they had to have money coming in from somewhere. JVs are still a form of dillution - we only get ~30% rather than all the profits if we could have drilled the lands in the new JVs all alone.

Without JH there wouldn't be a CTP for RC to now be the CEO.