It has been over 13 weeks now since the Katharine 1 well was spudded, some 5 weeks later the comany announced some oil shows and then this week in the AGM report there is the suggestion of "an oil discovery" and yes we will have to wait till first week of December for results . By the very mention of "oil discovery" it looks very much like Management have market sentsitive information they have not disclosed
This Company commenced drilling in the Galilee Basin last May with little to no results being given to the shareholders other than core samples would be sent off to specialist labs. Well fellows where are the results over this extended period of time....... is there not some reasonable expectation that this Company should be keeping the market better informed with Lab results or reason as to why Lab results have not been fothcoming, progress ,etc
As a shareholder I am concerned that over this period of time we have seen the s/p down over 60% from the Insto/ sophisticated invester funding at 20cents last April down to 7cents several weeks ago with a major insto walking away.
IMO it is not acceptable for management to blame outside market forces and adverse media CSG reporting when this Company has one of the best stories to tell with shale gas, a $50m free carried JV to one of China's oil/gas majors and an extensive drilling program underway this last 6 months......where's the story, where's the reporting, where's the ASX announcements with drilling rig photos and happenings, etc, to bring the shareholders along on this journey
Whilst I believe I have observed games and tactics being employed to drive this s/p down over recent months, I would like to see who has been accumulating this stock in recent times.
As a s/h I am concerned to feel I have to remind the Directors of this Company of their duties to fully disclose all activities in a timely manner to all the s/h [who actually own the Company] and by law Directors have a duty to keep the market fully informed. Directors duties are firstly to all the shareholders best interests and to keep the Company fully compliant without any doubts real or imagined.
IMO this has not been good enough fellows.
EXE Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
