Hi Ratfish,We're not just showing emotions and embarrassing...

Hi Ratfish,

We're not just showing emotions and embarrassing ourselves, we're just sick and tired of being taken for a ride by this incompetent mob.

I don't have the numbers and I did write to the company to ask them to make a release to the market and suprise, suprise nothing!

Basically, my view is that the NPV for this project would be far greater if they had of commercialised in 2014. But Fowler has no idea of the concept of the time value of money.

Now people can go on about that they were too small for such a project, but RC has dealt with the big boys and is a shrewd negotiator. The company has wasted $60m of the $120m they raised. I know they talk about offselling them and not facing material write downs, but I will be very interested in seeing what we get for them.

The other major problem I have with the JV and Shell as operator is that we are at their mercy. I've always believed a dollar in three years time is worth much more than even $3 in ten years time. It's more certain and you can then make it work for you. In this case, I really wonder what that dollar is in ten years time compared to the NPV of the Nexus led liquids development.

And sorry if I can't get "over joyed" with a 2 cent rise for a deal on the best potential asset we have in the portfolio.

It's a hard call what to do when I can't value the NPV of what they've announced!

And it's no use venting to my accountant - he'll only tell me I should have invested in residential property five years ago. Now that hurts...

Arobert