Thank you, neon, and understood (and you're far from alone in thinking this way!).
I arrived late in ANGS, so avoided most (but not all) of the share price decline, so am free of any particularly negative feelings about management.
It's going to require new investors to raise the share price, because, as you say, most existing investors are too reluctant to average down at the present time.
I'm sure management DO want to see the share price rise and, from this low level, significantly (the mid-price of GL's range of 4-7p is 5.50p), at which point, yes, they recover the option of a placing, should they find a new project they wish to pursue further and which requires the additional funds.
We have looked - in the weeks before I started, I was doing some work tangentially with the company - I suppose at 40 different projects in the last year. Most of them you can chuck in the bin in about 10 minutes. But about 10 of them have proved to be interesting enough to merit a lot of attention. Originally, Saltfleetby was thought by my predecessor not to be worth the candle – to be treated as an abandonment issue. Actually, when I first joined, that was still the technical team’s view. And I think they didn’t have enough data. When they did, they immediately said it was a very attractive asset. We have a gas operator’s licence and our principal technical man, our technical director, he is in fact ex British Gas. He’s almost more familiar in that territory than he is in oil so he was delighted to go back and put his gas hat on and look at this field.
... So, if I were to tell those (AIM market) investors that I believed this collection of assets together may be worth between 4 and 7p RIGHT NOW, that would be a view which I have professionally with 30 years’ experience based on my relative confidence in their immediate producing capability.
Quiet on here this morning, so here's an extract from the transcript of GL's 02/10 interview with Ruth Hayhurst of Drill or Drop:
... I have a relatively high degree of confidence about principally our Balcombe asset, which we hope to exploit next year, subject to planning, and very high-level confidence about Saltfleetby as a producing and cash-generating asset. The remaining assets, one is dormant, it’s called the A24 prospect, one of the Weald ones. The other, Lidsey, we have growing confidence about. We want to shoot some more seismic, be really knowledgeable before we throw a lot of money at that... But I do believe that the acquisition of Saltfleetby is a game-changer for the share price. In fact, I believe it will make for the company much more money than Brockham would ever have made for us. That’s my own investment banker estimate of the situation...