My point of view is that the performance of the board compared with the amount of limited capital of this micro cap. has not been that bad. Get a supportive cash flow (plant and reserves) and drill the lowest risk hole has been the right strategy.
The first thing this board did was to try and sell the company's tenements for a farmin with the Black Swan Survey. Can't blame the board for the unforeseen crash in the oil industry. Now with green shoots in the industry and the nearology to the Waitsia Field your Black Duck Survey maybe morphing back into W.A.'s emblem . Only two drills ! Yes but they are high impact targets albeit more risk than the low impact targets of the Gin Gin Field.
The pity was our previous substantial holder never seem to want to get involved with serious capital.
Share market is greedy for 10 baggers with these type of companies and doesn't want to hang around. Hence the share price.
Wabbit
Price just now is $9.75 (you will have do a 22.5 :1 consolidation). Have a look, ticker is MIN.
EGO Price at posting:
43.0¢ Sentiment: Hold Disclosure: Held
