This is a company management that requires a big kick where it hurts most - the same pain that has been felt in its trusting shareholders hip pocket nerve. The plain facts are: *They have the whole of the immense Sydney coal basin to develope without competition. * The wells they have drilled are very good gas producers so there is no problem there. * The wells are only relatively shallow wells = not too costly. * The technology has already been proved in the USA and it has been proved by SGC. * They have access to the gas pipeline infrastructure. BUT! * The developement has been pathetically SO SLOOOW. * The licences from the Govt. probably not fast either. * In spite of the hype put on to impress the Public (eg Grand openings by the Premier and other grandstanding etc) the market has never believed the story -as evidenced by the price continuously drifting South.
SOMETHING IS WRONG AND THE SHAREHOLDERS ARE NOT BEING TOLD THE WHOLE TRUTH.
It should be up to the beaurocrats also to ask the questions what is wrong with a company handed a magnificent state owned resource developement opportunity and not apparently able to handle such developement in an expeditious manner.
This company has been a MAJOR disappointment to its owners who have lost a lot of their investment capital. Obviously the buck has to stop with the company's mangement. I wont be able to get to their next AGM but I sure would like to see someone at the top replaced.
