As a furious 708 Investor, investing in O/G for 20+ yrs, I have...

As a furious 708 Investor, investing in O/G for 20+ yrs, I have never ever witnessed such a poorly communicated (managed) Drill as this one (except 88 imo) and with NO regular Drilling updates for SH's, this is totally unacceptable and TEG looking very amateurish to me...

Given TEG's Board and Management with all their "experience", I expected so much better and sadly they have FAILED every SH and certainly damaged the company's reputation now imo, NOT ONLY their SH's, but Corporate from my conversations today...

I could bang on in detail from 3D site location (which they got so wrong), lack of detailed RNS's for their investors such as BOP installed/tested, Drilling progress reports (presence of Hydrocarbons) on their way to TD etc etc... We ALL got nothing... This MUST NEVER HAPPEN AGAIN imo!!!!

Damage has well and truly been done and market over sold, BUT allowing trading today was an absolute disgrace imo... Obvious to me we had leaks imo (love to see the broker reports and T20 of who sold prior to RNS) and I do expect a full investigation by the regulators at the very minimum... Board and Management have to be ALL held to account for this absolute cluster imo... I do expect management to clarify why they failed to release progress reports and I even support now some Board/Managment changes after these very amateur and unacceptable events imo...

That's the Negatives of today, especially given the last-minute cash raise Placement and given that TEG have been planning and banging on about Booth all year, only to see this end this way, a duster, drilling in the wrong location and no progress communications imo...

We do have Positives despite this cluster of a Drill by TEG and going forward!

1. Drilling Team did exceptionally well, (despite drilling in wrong location which management decided on) - They must seek independent technical assessments in future before they ever choose another location and drill again imo. I have absolutely no confidence in this team alone.

2. Market oversold (buying opportunity exists) as SP will recover as drilling Becos-1 in November 2024.

3. Financials looking good going forward -
$8.5 Mil with progress payments from PGY 6-12 months, ($4.5 Mil due Oct - Dec)
$1.5 Mil in Gas sales
$5 Mil recently raised (should get a discount for drilling so quick, lol...

Costly lesson learnt for both SH's and TEG who MUST, communicate, communicate and bloody well communicate, that's my take on today's cluster...

GLTA and I will be certainly seeking expert information before I ever spend another cent with this team ever again, they have lost my respect and many of my corporate friends as well... TEG wake up to yourselves and don't be seen as another West Perth lifestyle company as there are plenty of them imo, so improve....