Market Cap: $53MLast half net revenue $1.3MLast half Salaries...

Market Cap: $53M
Last half net revenue $1.3M
Last half Salaries and Travel: $944,000 (eyebrow raiser)
2P oil reserves: 2.88mmbbls
2P gas 72.8 Bcfe

5 year company forecast assumes 820 wells drilled by 2013.

Ok, observations. The company predominantly produces gas with 60 bopd added. The market is extremely negative on gas producers because of the glut of gas about to be produced from shale deposits in the USA. The USA has just overtaken Russia as the largest gas producer. An endless supply of gas is impacting the natural gas price.

Does anyone honestly think they can drill 820 wells in the next three years? Really, truly?

This company pays the executives extremely well. Outrageously well for a small gas producer.

2P oil reserves of 2.88mmbbls is peanuts.

My honest view? I think it's too expensive at the current price.