new management, page-3

tahi I have to agree with you.

The "coup" was based on the premise that MPO management were underperforming and it has become appaert they were not.

The foray into Canadian oil was done because all the other projects (Qld, Canada Gas, Africa) were long term and there was little opportunity in the medium term to add any value to these projects.

Despite the sale of Spearfish, this foray into oil has not resulted in any value adding, although by the time taxes etc have been paid and capital recovered from the shares in Legacy Oil, its likely costs will have been recovered and administarative costs for several years paid. Thats not going forward and not going backwards.

The demise in MPOs SP probably reflects the true value of MPOs asetts; the premium on Qld gas has now disappeared as the market realises nothing is likely to happen for a long while.

MPO is basically stalled because there is no demand or gas in Qld or Canada. The moratorium in Quebec is a red herring, development of this gas field has not actually been delayed as there is no demand for this gas in the medium term, although it would be reassuring to know if there actually is gas there.

The new management have egg on their faces.