seriously sad

All.

OK we all agree that JH and co are all paid too much. Half would be closer to reasonable plus some options, subject to outcomes. Salary should not be $/acre.

What I wanted to bring up is a "Year in Review". Rather than do it myself..go to this link

http://www.centralpetroleum.com.au/files/GOOD%20OIL%20SEP%202010.pdf

Go especially to pages 5-8.

How fanciful does it all look in hindsight. Even more glaring is the grab bag, chuck-anything-in style shown on "Proposed Development". If you ever prepared a powerpoint yourself, it stands out clearly as absent strategy, reality and credibility. All stuff and nonsense dreamed up in a cubicle somewhere.

See the fine print at the bottom "Subject to discovery success, world and domestic market conditions and other contingencies, does not necessarily reflect the views of current joint venture partners"

Now I recommend sitting down with a dram or two of your finest as we go to...

PAGE 8

Said in September this was what they would have achieved by year end.

Key Program Highlight for 2010.
Event - Start - Finish
Ooraminna-2 11th June 7th August
Johnstone West-1 19th August 19th September
Surprise-1 26th September 26th October

Optional well dependent on JW-1 results

You'll now be prepared for PAGE 9. Yes we are on PAGE 9 now " Possible 2011 Developments". The fine print is :
"Such possible developments are not to be construed as a forecast and are entirely contingent on many factors inclusive of funding, JV partners and voting, full analyis of 2010 results, force majeure, and final board approval."

A side note...analysis in the fine print was spelt incorrectly. Big picture guys don't have time for detail, or spell checkers, apparently.

This was prepared in September. So can you see that we have a few geologists pretending to be company builders. As I said about the presentation, the timelines are absent any reality or credibility. The stuff of junior wet-behind-the-ears engineers.

If I was assessed in my annual performance review against this criteria I wouldn't have a job.

The significance is that this was the first serious attempt at "doing". And failed on all counts. Timeliness, cost and outcome. You can argue about sniffs, and shows and sniffles but is full on incompetent management when it comes to doing.

I state my case again. CTP are geologists No idea about building a business. They think they do, but at what point, if ever, do they recognise its a skill set they don't have.

I finish with a few questions: What happened at the London Conference JH was supposed to be at when Surprise was being drilled???

What outcome, if any, from the USA trip?

I don't care if staff is working 80 hours a week. I'd take one guy doing 8 hours if he achieved something.