How long can Michael Evans stay in his job given the stock has gone nowhere since he has been leading? I looked back at their announcements since 2004 and what do you find, old Mickey Evans spruiking the same story. When does the Board force a change.
If you don't agree take a look at a 5 year chart. He managed to extract nothing out of an oil price spike and is currently managing to do the same here (but he did raise $34m 6 months ago). Hmmm, it's getting pretty tiresome knowing the company is in a quality region but sitting on assets for years doing absolutely nothing. Drill a hole, give something to the drillers. Ever heard of the saying "a bird in the hand is worth two in the bush". I couldn't care less if our stake of the 1bn+ barrells is only 10%. It's still worth more than the current value of the company and you give up some of the cost risk associated with drilling.
As one of my colleagues says, it's a crab pot stock. Gets everyone in and most never get out.
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