2. Insolvent .... even after backing out the credit facility repayment. Just take Current Asset - Current Liabilities (ex credit facility) and you get a Working Capital deficiency of $7,557,552
Who would lend any amount of money? The first $24M goes to MOB, The next $7.5M goes to paying off creditors (Accounts Payable). Then you need some working capital to drill etc ... at least $4.5M I would think ... If you had $36M would you lend it to SSN. I wouldn't - how would they pay interest ... in worthless SSNYY ('cos SSN.AX isn't trading) stock?
SSN Price at posting:
1.5¢ Sentiment: None Disclosure: Held
