There is no doubt that gas consumers in NSW, and residents...

There is no doubt that gas consumers in NSW, and residents generally, will need to erect shrines of Ian Macfarlane if he is successful in unblocking gas supplies in NSW.

We can already see the impact that his positive statements have had on our share price.

But we need a Board and management that can successfully carry though in this changed environment. And you do wonder if our current Board and management are on top of the potential, or even understand what is going on.

We have the example of the ridiculous letter sent by the Chairman to all shareholders on September 9th (sometimes obviously multiple copies, just in case we are a bit slow). This letter was sent after the result of the election was known, and after most people understood that Ian would have a significant involvement with energy policy in the new government. Even the local Northern Star published Ian’s supportive comments on the Friday before the election.

But there was not even the remotest mention of a potential for a rapid change in the regulatory environment in NSW.

Just in case you need to be reminded of the depressing view from our Chairman, I have pulled the following paragraph from the letter.

“We cannot define when the circumstances will be attractive for operations to recommence in NSW. We hope therefore that there will be a steady stream of improvements over the next 12 months that will establish a more satisfactory environment. We recognise and ask shareholders to accept there is unlikely to be a steady stream of positive announcements about our CBM activities during the period.”

So the advice from the Board was don’t expect anything for 12 months.

No mention that Ian MacFarlane was likely to be responsible for energy. No mention that the Board or management had discussions with Ian, even though Ian was reported as saying that he had held discussions with Metgasco in the Friday’s Northern Star. And no mention of seeking to have any meetings with Ian.

And they advise “unlikely to be a steady stream of positive announcements” over the next twelve months. Yet less than a week later, Ian comes out with an announcement that lights a little fire under our share price.

Does our current Board have any idea of what is going on?

They obviously either are not talking to Ian or don’t understand the message he is conveying. The only other possible alternative, that they are deliberately trying to keep the shareholders in the dark, is just not plausible.