Quote from AJL:"Lucas has also committed to increase its...

Quote from AJL:

"Lucas has also committed to increase its involvement in North American plays where we believe opportunities exist for relatively quick returns, given the more mature nature of the market and the existing infrastructure that exists within that continent. These plays essentially involve the application of science and advanced drilling technologies in proven oil and gas areas and involve situations where we believe that significant potential has been overlooked in the past. It is the intention of Lucas to further develop these involvements and exit them at an appropriate time."

In its latest half year AJL has wrote off $7.9m for Arawn and $25.4m for the Monument Prospect.

At the end of 2008/2009 AJL wrote off $64m for the Monument Prospect.

In total AJ Lucas has written off $90m at Monument. It has dropped almost $100m in North America.

Maybe the management team that was pretty quick to take home $20m in special bonuses from AJL's upside should also participate in the downside and give back some of those bonuses as their share of the losses they have incurred in North America.

My message to AJL is to stick to what your good at in Australia and stop investing (and losing) shareholders funds in offshore plays that have no real synergies with the underlying business.