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27/10/23

19:19

Post #: 70585141
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Originally posted by In Da Hood: ↑

I wonder if these guys realise they actually need to inform the market and shareholders in particular of plans if any to turn this company from a shell into a mid tier oil and gas company or whether they keep patting themselves on the back saying we are going to be rich one day whilst they age and eventually drop dead. Gary's bull market came couple years back with Ukraine Russia and now Iran vs Israel and we are in no man's land.

Let's face it:-

1. Borba was a disaster $4.3m USD sunk next to a pipeline they can't use to reclaim the money spent. If it had been flowing 3-5mmcf/d the last two years it would be a different company. They've bleated on for 2 years about conversion to blue hydrogen or a gas powered data centre but we get crickets pony up and do something with it guys.

2. 2 years of playing around with Alberta Plains to realise
the remediation costs outweigh the cash generated. Luckily Blue Sky resources was nice enough to buy this back so expecting at least we won't have those non current debts hanging over the next reporting period.

3. They've said the red earth assets are profitable above $30 USD but it's not showing that in the quarterly reports it should be +$1m per quarter AUD at least let's hope this quarter is different and the last several it's been them trying to balance the Phillipines project that masked any profit. Even enough to drill one or two prospects in Sacramento (near a working pipeline) might get them some runs on the board.

4. Phillipines assets was all they talked about all they lived and breathed and now it's a side show I don't even know if PNOC hands over the $3.4m which should've happened already... and the deep venture ship arrives on time in Q1 2024 whether the share price will move at all (well it should because it can't get any lower other than delist. It's now a side show though because even with $2.5m USD and at 5000 barrels $8.2m USD it's not a company maker.

5. Get some drilling and revenue from Sacramento to hell with trying to say can't say much in case someone steals our on trend gas. What on trend gas! Funnily enough even if people steal the acreage next to you who cares if your making money focus on your own backyard.

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I am still waiting to see what happened to Business Development Manager they hired for Borba? Anyone know?

SGC Price at posting: 0.7¢ Sentiment: Buy Disclosure: Held
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