some calculations , page-6

So let me get this right you believe nothing is going to happen so you stay invested in this share - for a takeover that you think will be less than 10c, likely 8c. So if you do not believe in the management why stay invested?

Whether you like it or not current management controls the company and therefore is the company (especially for one this size) and likely no change for a while? Why invest in a comapny where you think you would make 30% on a takeover (that may or may not occur), the share price is being played, ADR's are a scam and so on?

The calculations show that they should be able to cover operating (excluding developemt/exploration) costs from current revenue - even with decling rates . Then they have $63m in the bank to put into place the strategy (take out tax and make it $50m, do as you want). I can only base my investment on what the company has put to the market (see sources down the bottom of the page of the post) and if there are delays then that is out of my control. But compared to other spec shares there is really minimal risk as cash position is strong so whether Q1 or Q2 or Q4 2011 is not going to send them under.

In regards to tax I would have thought if the Gas assets are sold at a loss then the tax will be nil not matter when they are sold or would you rather we give them away to we can book a bigger loss?. Also being an Australian company their reporting date is the 30th June 2011 and the tax loss can be offset up to this date. I would have thought the tax is payable in Australia and any US tax (that may or may not be requried to be paid) would be available as an foreign tax offset against this amount. The tax situation is very complex due to US assets and if you are concerned maybe you should e-mail Robyn the CFO and see if she can clarify for you.

You will note I did not put in the post to buy, hold or sell or a price target just this is how I see the current situation and what could happen based on what the company has released. I also said within the first 6 months (to June 2011). If it comes good then I believe we will get movement upwards and if not this is where we remain.

Now before you tell me there are other great investments out there than SSN which is deadwood then please sell your SSN shares and buy them (like some have chosen to do) and move on.

I have a core holding for a LT investment - this maybe 12 months or 24 months, I do not really know, I review and make investment decisions as information becomes available. I also like to buy and sell some ST but as I have previously stated I do not see SSN as a ST play at the moment.

I think I get the picture:

Nothing will ever happen with SSN but a low price takeover but that is ok I will stay invested anyway even though I have no faith in the company (which is the management) and no offer has been made and investors must advise the mkt if they hold 5% or more to get a takeover off the ground and as yet despite months of ongoing speculation on this forum no one has put their hand up to delcare they hold 5% or more of the company. Then by getting a O&G company to disclose they hold <5% of SSN we will get the share price moving forward, because we will force them to make a takeover offer (even though they do not need to do bugger all) at 8c or could it be they would just issue a statement stating they have no intention of taking over the company but are just holding it as an investment, which is quite common I would have thought or maybe if an offer is on the table and they were going to be "exposed" they would just dump the majority of the shares to get a lower price and then make the offer. So what will we achieve, a quick rise and then what back to 6c when nothing happens.

Then Sushi you are telling me that as SSN is such a great opportunity I will also invest in a similar company (as per your list) that is in the same position and sold their assets to the same company and has the same tax issues and production issues.

I get it, some may not, but I do.