You say that you want to see what they can do with a company with working capital: by my calculations, as at year-end, Tracer had working capital of about US$2.1 million. Of course, if the private placement had been completed, they would have had US$4.5 million. However, that did not happen, and I am afraid that in the international petroleum exploration and development game, US$2.1 million is not going to get you very far.
Now, don't get me wrong, I am a supporter and a shareholder of Tracer, but I am of the strong opinion that to get something going with this company which will attract sponsorship, new capital, and a higher share price, Tracer management needs to pull off a large deal of some sort, in Indonesia or elsewhere. Exactly what, I do not know, but if they do that, then I for one will not complain about their compensation. |
