Oh Mitchdon. I'll start with one of Buzz Lightyears bets quotes:...

Oh Mitchdon. I'll start with one of Buzz Lightyears bets quotes: "There seems to be no sign of intelligent life anywhere..." ..

Operating Profit at Cliff Head: The quarterly numbers tell you the exact opposite.
Secured 100% of L7: The truth is Key had no money and needed to exit. Key threw in EP/437 (with the commitments). TEG already had 50% of L7. It is an interesting shallow oil play (as per the previous annoucements) but any extension to big gas is very speculative.
Sold 50% of the GAS holding: Most people pay a premium for a controlling stake but TEG sold well below market. Go back over the chart and have a look at the SP highs and TEG did nothing. The correct interpetation is that by selling they avoided another dilutive capital raise. Just wait and see how much cash they have left after they finish the work at CH10. They sold 8 mill shares and got 6.72 mill. Who betting they don't have $6.72 mill left in the bank after the next quarterly?
A lesson in Operating Profit: CH regularly need maintenance and the replacement of failed down hole pumps must be planned - they don't last forever. Pump repalcement work is a cost of doing business. If you believe CH makes a profit after funding all the pump replacement work then you are dreaming - ask yourself why all the capital raises?
CH10: If the number we so good then why have they delayed the work for over a year? Lack of money from that Operating Profit you talk about. Just wait and see how much money is left after the Dec quarterly. They need to get production up and must have as many wells as possible operating to minimise business risk. Just think of the risk they are exposed to now (since Sept 21 when CH10 failed) if another well fails. Could they still operate?
Expansion of Cliff Head: For years now they have reported on the opportunity to expand cliff head but done nothing - why? Because the risky prize is not large enough to justify the expense. They want to get a partner but noone will join them and be exposed to the abandonment liability. Now hydrocarbons is on the nose and renewables are all the talk. Getting funding (or a partner) for risky work at Cliff Head is near on impossible.

The management they has many challenges ahead to get TEG revalued. Instead of giving themself performance shares for basic day to day work, why not work on the hard stuff - share price appreciation, get the CH field expanded by drilling these wells they talk about and so on.

Over the years those who have stayed with TEG have been dissapointed.

So "To Infinity and beyond...."