Reluctantly, I have to agree with your comments although I am well aware of how investors view reverse splits in a negative light (and sometimes this is temporary). The only hope is that management has taken this into consideration and have potential positive events in the pipeline which can lend support to a reverse price, or possibly enhance the price significantly down the road. These may only be revealed if a favorable vote to split is in hand. Consequently, I plan to vote for the split.
Frankly, I don't see that investors have a choice but to back management's recommendation. If Tracer goes to BB status, I would be surprised if key people, like Jacobs, have reason to stay on board. Then it's really good luck Jack. As I see it, there is 1 or maybe a 2 year window in which to get Tracer to institutional investment grade status, but only if they stay listed and use the funding for < multiple..not one a year > drilling ventures.
Off topic trivia question: Many years back, an informed investor (he worked for a major in Dallas and had ties with Siouffi/Indonesia) said that BPM/Shell hit oil twice in the 30's on the NT Block but that the block went into Indonesian reserve status for future exploration and the two wells were never completed. I've never been able to confirm this. Does anyone have some background on these two wells...where are they are located, history, etc ? Curious as to why these were never exploited, if indeed they existed.
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