vote against adopting the renumeration report , page-24

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I'd have to see signs that they recognised and were addressing a changed reality before I"d consider buying back. The three main elements of that reality is that
1)shareholders could could better use the cash themselves, than it can currently be used drilling the likes of Kurnia, Gurame and Fuschia esp when subsequent development funding likely to be expensive and dilute current holders down
2)that PEL 92/93 are prize cash cow assets, which can't be bettered from a ROE/ROCE perspective internationally, AND further that the profits carry (currently wasted) franking credits.
3)they don't cut it internationally, don't have the skills or size to have the skills required.

If they want to continue internationally then imho they need to replace the MS/GH duo with a geologist, a credentialled oil finder at that.

The cash, the franking credits, PEL92/93, the holding in IPM, they are fine assets, however they are currently dragged down by the negative weighting on the international assets, and on management (well beyond the overheads burden).

It does not help that management do not show faith in their own business in any meaningfull way. Have surplus cash to buy other companies shares but not their own, personally don't buy any nontrivial parcels of their own shares, and then go out and demonstrate that they believe the assets of another company are better/more worthy of investment than their own.

EL