The fall in the shareprice recently is mostly to do with the recent $15 collapse in the WTI price to $82(down $3.50 overnight) - AmEx price now 24c(<1.4c equiv). The share market fall also not helping. No production at the moment not helping raising fears of a possible capital raising due to the protracted period of this situation.
Management have not helped by their AGM proposals - and it costs heaps in legal costs to produce a 67pg AGM notice principally due to these option and LTIP proposals - a look at the Annual Report reveals they spent $695k on legal costs last year which is seemingly an outrageous amount for a small O&G explorer - my imagination doesn't stretch as to understand how this is justified and it has nothing to do with the new debt facility as borrowing costs are another line on the P&L.
It all gives the impression that they are not trying to control these variable costs that they could control.
SSN Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held