Thanks, totally agree with you, even though I have little or...

Thanks, totally agree with you, even though I have little or limited knowledge of the companies past performance. I also have a feeling that by expressing our findings or feelings we may hurt some of the long term holders here. However, I see it also as an opportunity to initiate a collective thought in the best interest of all SH. Things that concerns me most include the following:

1) The long term deterioration of SP, just let us have a look at the last 20 years as below. All I am saying is, looking at it from a new SH perspective. The thought is that why the SH interest is not served over a long term ie no growth for whatsoever reason in spite of having significant resource potential. Although I appreciate the efforts of the created assets in general. This creates a difficult situation for the holders and end up wasting their time and money.


2) There is significant cash burn compared to the MC although I do not have any quantification to measure the exact level yet, appreciate if anyone has such an analysis to share.

The Top management itself requires towards 3-3.5M in salaries and expenses etc. Plus all other staff and expenses etc without any income



3) Opportunities to build up revenue are being wasted - No desire to drill the Rafael shallow alone when there is confidence from 3D, and other similar wells to develop income streams. No urgency is seen in developing Rafael which was discovered in 2021. All we have is a plan for 3 stages, that in itself shows lack of confidence in the resources we hold. Compare this with more dynamic action from one I know (STX ignore their recent setback).

4) SH enquiries receive responses similar to some dishonest person, lacking sharing of information both positive and negative so that SH cannot make an informed decision. I think these aspects include lack of communication with market, that let down the SP. Now I have a feeling that some LT holders are just living on hope but fail to realise prompt action is lacking from SH as they have been for years now. Is answerability not desirable???

5) same way the SH requires to take action where they can.

I am keen to liaise with similar thinking SHs and try if we can contribute to improve our valuable investment. Also get fair representation with management. GLTAH