What has happened in 12 months..29 Oct 2014 18:12
1) KEA have managed 1 drill, of which MEO financed 80% of the 1st phase, then Darwin helped keep KEA keep afloat with it's cashburn & financed the remaining 20% required for phase1 with dilution to the tune of approx 250m shares.
2) Workover of both PUKA 1 & 2 resulting in 110bopd, again financed by MEO & Darwin as part of phase 1.
3) Replaced R.Parkes as MD & introduced Dr Ian Brown.
This is all that has happened between June 2013 & June 2014.
Chairman's statement..
3D Seismic interpretation of Puka..MEO said it was poor quality 3D..KEA FAIL
Further drilling activity..only one drill..KEA FAIL..
Finances..The company has also taken steps to reduce its overall overheads so as to match income from oil production...KEA FAIL..
Mauku..as above no finances to support this..KEA FAIL..
Mercury..NZ$5m spent on 3D seismic & no farmout, licence drill or drop by end October..KEA MASSIVE FAIL..
This fail list is not exhaustive, offices in Westminster, 6 directors on salary & bonuses, no cost cutting measures put in place, 30% sacrifice of oil revenues to MEO for phase 1 costs & the list goes on & on. Now people name calling at me? I suggest they have a good long hard look in the mirror before commenting here with ridiculous predictions..IRGS has got this one wrong, he had a £40m war chest at the beginning of this project. KEA actually found oil but instead of develoing the PUKA field with horizontal drilling he went down other avenues, wasting money on carp 3D, spent money on 3D for MERCURY that will never get used. He has systematically, single handedly made poor decision after poor decision & in his wake he has managed to reduce shareholder value to almost zero & if the price above does not convince people, then wait until the results appear in a day or 2 for year end june 2014, for clarification..