As I've been saying, with oil at such low prices no one is going to be interested in a farm out until oil holds above $100, seems the company has finally announced this to shareholders as well.
Cebu licence just isn't economic to drill even for land based. Company will lose the licence if they haven't done anything with it by end of 2016
No revenue,200k loss only 166k cash left and almost 1b shares issued, next attempt at a capital raising can't be far away.
Sorry, but this isn't going anywhere within the next 18 months, that's if they don't go into admin before then which is highly likely given dire financials.
Kat.
As I've been saying, with oil at such low prices no one is going...
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