it's soooo frustrating.firstly, KIWI you were right, and L, i...

it's soooo frustrating.

firstly, KIWI you were right, and L, i begin to see.

secondly,,,to my conspiracy theory, why did they not do a RI at 15c? at 10c? at 7c? at 5c?

Why delay? Even if they were troubled getting an underwritter, a 50% take up, at say 10c, when the placment at 15c just went thru would have had reasonable take up.

WHY!! Thus is my frustration, that they will now do a RI that will dillute any old money to the death.

Who are they accountable to??

Who is responsible for not acting sooner?

Who is in bed with Who?

Who will benift from it?

I note that PC has made a timely purchase of shares to participate in the RI.

Further. While anyone who takes rights, stands a fair chance of making a return from such lows, especially if the low has been manufactured, that bounce when the pressure is removed is likely, and all thsoe who have been holding down, would then make their return, even to 2x from the RI, simply by lack of their selling pressure.

My understanding, is that JS may give a presentation during the RI to show where we are, and hence ecourage take up.

But, why wouldnt he give such before the RI, to better the sp, and reduce the terms of the RI to protect old money from dillution?

The answer is, they, the company, dont give a toss about all the old money tied in. Previous investors? What are they? A means to an ends. Spent fuel rods. Now over to the underwritters, and those who have the reserves to participate.

Information starvation (for most).

The general market has been starved of any real explanation to the damage of the wells that are now requiring the remedial actions.

How and what is the damage? By who? By JC former CEO and his lot.

Remember the old tale of Hydrates that kiwi pointed to as mis-information? If that's all it was, then we ought to be flowing zillions by now.

Whatever the issues, the damage, we assume that we havent seen flows progress due to lack off funds to get the required remedials in place. Funds seem to be going, just to keep the lights on.

Now maybe this water disposal solution, into some wells as sacrifice, is the first step that JS has taken to significantly reduce costs (apart from removal of dead wood directors), and allow, the other wells a shot at moving forward.

It is no wander, that JS has turned his attention to the old wells,,if some of them,,might only require minimal expenditure at the surface fittings to be brought back on line.

If they manage to get flows from these old wells, from a minimal expenditure,,, it says two things.

1) the gas is still there and flowing, IRR increase .
2) they were completely blind and misguided from not taking this investigation of old wells, as the very first thing that MAE ought to have done from its conception.
(and have probably convinced themselves not to even consider them, the further they went down the rabbit hole.)

Information to the priverlaged.

Now, given that they have made no publically announced progress of tangible account, yet seemingly, have have been able to fill placement after placement, and get the banks to be so ammeanable, i suggest, that these bodies have been given a more thourogh account of where we are, and what can be.

Why information for some, and not for the market? Agree kiwi pov.

Now back to the conspiracy.

No information for the public, a sp punished to an inch of its death. All old wealth destroyed. Who that has been kept in the dark, can look at what is available, (very little tangible progress or explanation of why and where they are) would take a rational cause to invest further?

Answer? very few.

Leaving the underwritters, and those who have been kept informed to be better placed to understand, or make judement that the ship is worthy of one more journey.

Who wins? the foolish who will take Rights on a company that has explained little in truth, and those who arent foolish, but informed to the actual state of play.

Who loses? Those whose patience tested in absense of real accountabilty of where and why we are, and dont take RI.

Then again,who is to say that this RI, and MAE2 will sail any better this time around.

Most of the RI will go to debt reduction, and enough one would hope to JS to get at least a few key wells fixed.

Is that enough to demonstrate IRR, and sale??

Probably but no garantee.

My last gribe, is that the directors are have not acted in the best interest of its existing shareholders, who have supported the company. Rather, have been, or allowed to be maneuvered to a RI that will in absense of truer explanation, only give benefit to the inside circle, or the blind foolish.

Eyes open now.