Agree, there is no way they balance supply with demand at the moment...however, if they can reduce production to stop inventories from overflowing, then there is hope for some stability.
Saying that it can't be done is not true. The Texas Rail Road Commission (TRRC) was basically OPEC before OPEC. They have put restrictions on wells before and could it again. Also, the President has levers - he could instruct production reductions and reduce suspend royalty payments.
If Otto gets through this period, things could be looking up. But, serious things need to change with the board and management. No more growth. Cut the management team. Pay off the facility. Capital returns.
I can't believe we have drawn out $22m and paying $2.5m p.a. in interest but we have to maintain $17.5m on balance sheet. Makes no forking sense at all. Wtf are they doing.
I am looking to create a website to create a register of retail holders so we can band together. I'm a little disappoint Perrenial have sold down their stake as we could have joined up with them. Obviously with Molton probably having control now, it makes it less effective but Molton will want a return on their investment too. May be worth getting in touch.
Random rant post over.
OEL Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
