Hi Miner,
I did some digging on RAW and agree they seem to be sitting on their hands at the moment. Most of what i could of reported is on this thread allready but imo i will call it how i see it below:
1) 70m odd shares with almost half held buy major/substantial share holder's with approx only 31m in open mkt (as reported in thread) small mkt cap of 7m.
2) Seem to have spread their exploration over many area's but always looking and in most cases obtaining farmin partners to do the work for them and retain a% interest.
3) the last qtr report says that they want to do more exploration in all 4 areas Surat,Otway,Taranaki and Pedirka Basins ,try to get more farmin partners and keep looking for new exploration opportunities. I would like to know with what money ?????
The dec qtr 09 says that the have $1,045,000 only in the bank of which $224,000 is set aside to secure leases that they already have so by my cal only $821,000 to spend and have only allowed $100,000 for spending this march qtr 2010.
4) Their nz owned sub having a stake in Kea is good but is a long term inv imo at the very least lots of exploration work to be done but only just at the starting blocks at the min.
summary
Lots of fingers in too many pies and are looking to get more pies
a few hold a lot of this share which can be a good thing and did notice the increase in holding in oct 09 ($134k aprrox but can't remember who). The kea stake is a good thing imo but need to look at what they have now and apply themselves to that. Cap raise in the wings in the not to distant future i believe imo mmmmmm might be a long term play and better op's out there at the min imo .
Hope my simple analyist helps.