Don't have a problem with that g/squid. Do have a problem with the sugar coated management verbage that is coming out. Comments such as 'we have lowered operating costs in the US etc, wrong, the staff walked out on them stating that they couldn't work with them after hearing their proposals and the fact they were not getting paid, including a person who had worked on these leases for over twenty years. These are the same guys that have stated that they will not be paying some creditors, not partial payments or any type of proposal, but flatly saying you will not be paid. So the company is going to start receiving wind up notices a plenty, how is that going to assist the share price? Try calling them and getting through, the secretary doesn't know anything and any question ends up on a desk in Switzerland where the corporate verbage begins - what about the Managing Director actually managing and answering some questions??
I laughed when I read the part about leases. I have no doubt the leaseholder will be forwarding a letter reconfiming that the leases are permanently lost as these guys didn't front up to negotiations when they knew they had to, which could have been totally avoided if these people had done what they said they would do back in September and the leases would have been held. they are now also up for the P&A liability which will run into the $millions - where are they going to find this? So now there are no leases except the uneconomical ones at the Sullivan City area, no staff on the ground at Padre Island, they have burned all the relationships around Houston and Corpus Christi and are also not paying the US creditors. And yet they hope to have another opportunity with South Sprint?? They are going to have some very stiff competition when the bids are closed in early January.
And administration was never going to happen as there was a very distinct plan which the people who 'appointed' the current people knew about and supported, apparently right until the last minute. And be assured that all the alphabets after your name certainly doesn't bring common sense, just ask Sir Lunch a Lot and Captain Cafe.
MDA Price at posting:
5.2¢ Sentiment: Sell Disclosure: Held
