All fair points (especially the revenue miss), but you can't...

All fair points (especially the revenue miss), but you can't disregard their qualities too.

West Coast is ramping up quite impressively:
Higher number of rigs in operations, some nice contracts that just started, and lower number of leased rigs. Also add the very nice Carina contract and things are looking up.
The revenue will approach 50 Million for JSW alone (Carina = 8,5, FMG = at least 20-25, Ramelius = 1,6, Water wells = around 8, and then you have the BHP and Sirius contracts..)

So 100M is very reasonable in FY15.

East coast indeed got slammed, but have you had a look at east coast coal mines? There were a lot of closures, primarily in the thermal coal market. The advantage is that they can move the idle rigs to the West coast without extra capex, thus saving cash.

About the counter party risk. I don't know if you have had a look at their clients, but there are very few high cost, small companies in there (single one that comes to mind is Ramelius resources, which takes up one drill).

Apparently, the delineation assets got transferred to JSW. And if I recalled correctly, management mentioned the possibility of selling these rigs, but they also required a decent price. That is shareholder friendly.

And debt got reduced by 2 million last half.
Would like to hear your thoughts after the AGM.