Hi Blackgold, Don't be afraid of a cap raise. Just look at companies like MAD and AUT who had multiple cap raises before the stock took off.
We had about $18mil at end of June then add $3mil to come form option conversions so perhaps next year sometime we may need some but TB is a smart operator so it could come in many forms and I don't know what special insight you have that tells you there will be no JV.
AUT also had multiple problems in drilling the early wells just like SSN but that's the way of a small spec oiler when you are at the mercy of contractors and availability issues.
Sure TB has had his fair share of stuff ups and some I'm not to happy with but to say SSN has failed miserably is a stupid statement. For instance we have proved there is oil in the Nio just need to get the method right and we have defined the oily areas in Fpeck.
From what I have seen of other oil specs it seems that maybe 2 out 10 wells at best are commercial. Just look at AOC's share price and recent announcement.
Luckily we have diversified our risk so that if SOA2 doesn't come in it won't be a company breaker.
To turn into a successful producer you need to drill lots of wells and have the money to do it as the risks are very high. I think SSN is giving itself the best chance to move to the next level albeit at a slow pace.
amex up overnight .03 to 1.06 = asx .051
SSN Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
