RE:timing is everything to a company like Taipan......do I blink and take the crumbs and not maximize the value of the company or do I wait it out hoping that the local conditions (more and more successful wells by others in the nearby geology) continue to counter the overall malaize in the macro oil and gas environment. It seems obvious that Birley is choosing the latter approach.
Sadly it doesn't seem obvous to me at all. The fact that they haven't signed a farm out yet could be because of a number of reasons. I also think dbeaude underestimates the acumen of businessmen. They tend to have a longer term view of things than retail investors in juniors. Birley may know better how this game is played but one wonders is he playing we shareholders?
A $20 million dollar farm out would be a MAJOR disappointment to me.