I emailed the board4 Feb 2026 12:35
We are writing as shareholders following the FY2025 trading update to express our growing concern regarding the Company’s market valuation and, more broadly, the lack of confidence reflected in the share price.
While we acknowledge and welcome the clear operational improvements delivered during 2025 — including record production, reduced costs, lower net debt and strong safety performance — these achievements have failed to translate into shareholder value. At a market capitalisation of approximately US$120 million, the equity is pricing in a deeply pessimistic view of the business that appears disconnected from its operating and cash-generating performance.
As shareholders, this persistent valuation disconnect has become increasingly dispiriting. Despite repeated evidence of operational progress, the market continues to assign minimal value to the Company’s asset base and future growth options. This has left many long-term shareholders feeling effectively trapped, with limited confidence that the current strategy will close the gap between intrinsic value and market price.
We recognise that the expected non-cash impairment reflects external oil price assumptions rather than operational failure. However, from a shareholder perspective, accounting outcomes are secondary to the fundamental issue: the equity market no longer appears to believe that value will be realised under the current structure and portfolio.
In this context, we believe it is incumbent upon the Board to reassess whether continuing on the current path is in shareholders’ best interests. The successful disposal of the Thailand assets demonstrated that asset sales can crystallise value that the public markets are unwilling to recognise. We therefore strongly encourage the Board to consider further asset divestments and to initiate a formal strategic review aimed explicitly at unlocking shareholder value.
Incremental operational execution alone no longer appears sufficient to restore market confidence. What shareholders need now is clear evidence that all strategic options are being actively evaluated, including portfolio simplification and other corporate actions that could deliver tangible value.
We would welcome transparency from the Board regarding its views on the current valuation and whether a strategic review is being considered as a matter of urgency.
Yours sincerely,
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