Company investors3 Jan 2023 10:43
Well what a shamble!
Perhaps Mr Minchin would like to pop up and do an investor presentation taking questions from investors in the company he runs ON BEHALF OF those investors.
Perhaps he could answer:
1. What were the ‘legal issues’ that would have delayed the predator rig which had been so extensively tested?
2. Why at the time of announcing the Exalco rig did he not inform the market via the very same RNS that its release was subject to an option for the current operator to retain it for a further year?
3. If so what was the back up plan considering his earlier RNS commentary about how difficult it is to secure a rig?
4. Realistically given his previous comments what are the chances of securing an alternative SUITABLE rig in the next 12 months.
Have to say folks shambolic and he shouldn’t be able to hide and not answer questions. Think the potential is still there but only with different management. As a result sold out break even until visibility on a drill sometime in the future. We all remember the deafening silence for months then we got a rig, then oh no we have to conduct an audit/test on it, then oh no legal issues would delay so now with excitement with Exalco, oh no they have a clause to extend for 12 months. Laughable if not other peoples hard earned invested money.
Good luck those riding it out. May see you back here with decent management and a spud date whenever that is.