Stewart Dalby is a journalist. Tim has peddled lies via Oil Barrel in the past "the well will spud in 2 weeks" back in Mar 13. A permit had not even been applied for and drilling never commenced.
Stewart has just regurgitated the PR jam tomorrow promises he was given. He has not verified any of it.
Not exactly a balanced article as it does not mention the $1.8m written off already in Tasmania nor the $500k still to be written off.
He says "the share price, which is bumping along just above the 52 week low of 0.14p at 0.17p." but fails to mention that the max price for the "convertible loan which allows it to keep the lights on" is 0.16p and to underpin this approval needed to be sought to give away 2/3rds of the company - that is what will keep the market taking no notice of the acquisitions and progress made.
"The first contract has been successfully completed" oh really the last update said it was still going on, where is the verified RNS saying it is now complete? why say this in an unofficial communication before the market has been formally notified? Define success. It was supposed to have completed end Jul taking 3 months. If it has now completed then it has taken twice that. How much has been treated. How much oil was recovered, what has happened to the waste water? how much net profit has been made? These are the questions people want genuine answers to, not a load of telephone number figures in promises of jam tomorrow.
"TXO’s share of 60 per cent of net distributable profits should filter back to the company." when? when is GBG going to make any net distributable profits? It needs to recover past losses before anything is distributable. Not one penny has been received by TXO, which was going to be cash self sustaining by Dec.
If TXO want the market to believe them then pushing out propaganda via Oil Barrel is not the answer. They need to get a CEO who the market has some faith in. That CEO needs to atone for past mistakes and give a genuine and realistic appraisal of future prospects that can be verified by independent experts.
The only complete fools are those who are sucked in by this sort of propaganda.
