Decided to start a new thread. Some disclosures before I start I...

Decided to start a new thread. Some disclosures before I start I as unhappy with the performance of the share price and operational deficiencies of this company as the net holder or non-holder looking for their entry point. I hold almost 4.4M shares split between my SMSF and personal accounts - I hold a small profit, lucky I guess that my average buy price is 4.8c - maybe after today I will hold a small paper loss. SSN is my largest holding but certainly not my only one.

Why do I still hold?

The company has good assets - simple as that. Whilst the jury is out on our two major plays still the simple fact that there is oil cannot be dismissed no matter how negative you are.

Gretel and Aussie2 are major disappointments in that they have not turned out to be producers and lift the production. But, we have learnt a lot about the geology and now have a partner with the knowledge and resources to help unlock the good acreage and get some runs on the board.

Defender and SOA2 may be the ones that turn the sentiment and so far notwithstanding the diatribe from TB and his apparent foot in mouth disease of calling home runs only to be left with poor performing wells, I do believe that Defender and SOA2 will add substantial BOPD to our current daily rate.

Four wells drilled - all exploratory wells. We still have a 50% chance of producing wells. We also know that these wells have derisked the plays also so new wells, well I guess TB there are no more excuses when these get drilled.

I am not that interested in the new play even though I think it prudent to spread the risk - I am more interested in the next set of drills on our current plays given the information we now have.

If TB cannot see past the errors of the past 18 months to see that our business model is flawed then maybe it is time for him to move on. I however, think he has cards still to play.

Lets not forget the bankable infill wells in NS.

Cash is a problem - but that being said $18M is still a good place and coupled with no debt better still. With the cash rates so low taking on debt to move us through this transitional period is my preference. Good debt is ok if it is used properly.

I still hold cause I see the potential of this company to see this through. There are still many challenges that need working through and I hope that the operational model is top of the agenda when the board meets and for them to address this major issue.

Buy when others are fearful and sell when others are greedy - why did I not sell at 23c? Doh!!

Why do others still hold I wonder?