I fail to see anything informative in Chauncy's post. He was as surprised as anyone. Trying to then put a brave face on it.
Fact is, Henc now only owns half of the previous interest. The other half is now Holloman Australia. Fact two is Henc is not the operator. So don't ask Henc to decide at what price level this thing will make sense again. Fact three, laughable that Henc paid lawyers in Australia. I understand the Farm-in is subject to Alberta/Canada law. Therefore, any lawsuit (and there isn't any) would be in Alberta. Even assuming Henc wins, which is highly unlikely, try enforcing a Canadian verdict then in Australia. Fact four, a delisting makes it far easier for management to deal with the asset without having to inform shareholders. Just keep in mind STBR where Holloman informed the SEC and the investing public after 18 months that they had sold their controlling stake. Holloman is not known to care about shareholders' rights. Just accept the fact that this is another promotion by the infamous Petersen that turned sour. But rest assured that he bailed before the collapse.
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