This stock has always been highly speculative from the outset...

This stock has always been highly speculative from the outset (no secret) and it has performed like most of these stocks do.
Buying two supposedly under valued assets (managements words) with the aim to add value and reap the rewards was the aim. Firstly the Portuguese gas asset seemed a challenge from the start with the Portuguese government and the people of Portugal not wanting the project to get up.
The second asset being the TMS has failed to gain any traction as a result of a costly drilling program that realised a series of poor to average results whilst consuming nearly all the companies cash. Today I see the only beneficiaries of the companies modest income stream as being Macquarie Bank (loan repayments) and the management (attractive salaries). They appear to have backed themselves into a corner financially and operationally. Plenty of rhetoric and positive talk has prevailed over the past 18 months with no material action or answers on how they can move forward. The share price has responded accordingly.
That is the nature of speculating on these type of stocks! High risk high reward.