truth or fiction

Now that the dust has settled a little.

Its time to go back over events.

(Cloak you might not want to read it, you may find it to upsetting).

Antares sold its Eagleford holding for $160M in 2010 plus the $10M its just received for the term assignment. So in effect $170M in total.

If the LOI completes it will have sold the Permian assets for $300M less at least $50M in outstanding loan's when you account for the term money. That means the company will have added $80M max to the company's value in just under 3 years.

If it had stayed put in the Eagleford its leases would have had a far great value now than the Permian sale will achieve so the company has in fact destroyed shareholder value and that's before they somehow wangle another bout of director bonuses for themselves no-doubt.

What's left in the company now?

Oyster Creek and that's it full stop and if anyone was prepared to give them $2.5M for it, they wouldn't be able to sign the sale paperwork quick enough.

The directors stated in 2011 that the share price would be $1 per share by the end of 2011, $1.50 per share by the end of 2012 and $2 per share by the end of 2013.

As we all know this has never proven to be correct, not even close but until now they could place the blame on market conditions etc. (market not valuing assets correctly etc)

This sale has now openned up a new wound. One that now places the whole board of directors vunerable to investigation by the ASX and other regulatory bodies.

The director's categorically stated in 2011 alongside the share price targets, that it had all the tools required at its disposal to achieve these share price targets.

Even with the purchase of 1300 extra acres in the Southern Star project area and another 500 acres at Big Star in 2012. The full sale price is nowhere near the $550M after tax value that is required for the share price to be $2 per share. In fact it doesn't even match the 2011 target of $1 per share.

So the story was a total work of fiction and only now with the sale taking place can the truth finally be seen by all. No smoke and mirrors to hide behind now, just clear blue sky for all to view and know the truth.

Its time Justice had its say.

Time the regulators did there jobs.

The evidence is there in back and white for all to see.

LOTM