slipping already?, page-9

"So imho, look for a asset liquidation over the next 12 mths!
The US strategy did not work, and I betcha they withdraw!??"


Jake et all,

This is what I wrote in closing my last post, so have a good think about it.

"I have made a mention of other things as well at the time, but, at this stage of the game, I prefer to keep them confidential."

I can now repeat once again that a few things were in fact discussed at the time, to which many of them I do still prefer to keep them confidential. And the same things were repeated once again, if not emphasized a lot more, along with other issues to Cindy, who finally returned my call a couple of days later.

There were quite a few more issues that were discussed with Cindy, and possibly some of them hit home. Especially when I told her that, will all due respect, any shareholder has the right to be talking to any of the Excutives and/or the Chairman and/or Directors, if he/she so ask. To that she replied that she would get at least Tim G. to ring me back as he was one of the Directors.

I am still waiting!!!!

Some of the things that I've also discussed with her was the issue of MPO having released/aanounced a well painted rosy picture around October or thereabout with an end of year target of pumping well in excess of 2,000bopd and that we haven't even reached half of that promised/forecasted target which, that could be open for further discussions at some stage or another.

I've also asked as to why that bad news wasn't broken down gently to us and the market, instead of keeping it till the last moment and drop it like a bomb-shell which decimated our sp, as they would have been aware that the wells weren't performing as expected. And again no answers were given.

We discussed more thing along the lines of liquidating the company and that, IMHO, and in the opinion of a few other shareholders as well, it would be best for MPO to liquidate all of the company's assets and distribute all that we will get as a result of it all, plus the cash that we are currently holding to the shareholders, and she replied that it wasn't as easy as that. To that I have asked as to why it was not easy when I am qualified bean counter and that I couldn't see any problems with it, and again no answers.
The cash burning rate in the history of MPO I've said, (seen that I started investing with MPO since it practically begun), is not something that anyone would be wanting to write home about, and she replied that a new plan was to be put in place for further drillings and with the view of trying to reduce those costs of drilling.
As long as you don't try once again to flog that dead horse I've said. Forget about what the next door neighbour is pumping out of his wells, because it doesn't mean that you can pump the same amount out from your own wells. I then told her the story about one of my neighbours drilling a well and got a huge amount of irrigation water out of it, and the other neighbour drilling one himself not far from it and he couldn't even get enough water to water his stock or to take a shower. Hot potato I said. Silence again.

I then suggested that, IMHO, the best thing to do for MPO, was for them to pack up in NA, sell everything there and head back home where we have oil fields here that, even without much fracking and countless horizontals being done as they are currenty doing there, they're still able to pump some hefty amounts of crude oil and gas, and, when she queried it, I told her about the South Australian Fields and the Cooper Basin.

We have companies here in OZ wich had pitiful amounts of cash available that have been able to build up and produce huge amounts of oil and gas per day, and here we have another company that had a huge amount of cash available on hand, and that has only being able to produce a pitiful amount of oil and gas. Go Figure!!!

And what about SA I said. We have been there for more years that anyone would be willing to remember, and nothing has happened. She replied that it could be something that does not form part of our core business, and with that, I then assumed that it may be put up for sale soon.

Other issues were discussed, which I do want to keep for myself at this point in time.

IMHO, something had to happen, or we would all have gone up the proverbial .... mud...creek without a paddle.

If anyone care to go back through some of my old post, one could notice that I was never a fan of our CEO nor about going into NA. I would also like to know as to why someone found the needs of getting me moderated and suspended for something that now proves that I was right.

Pigs may fly though, as they say.

Will this new man (CEO) get us out of the deep mud and get us back on course??? Time will tell.