Mgmt forked out a lot of money last FY trying to keep the DR11 permit. They had to proceed down an expensive drill campaign (basically for show) to fulfil the requirements and mountains of red tape, the government requires for a renewal of dr 11 permit. The alternative was to let dr11 go, and as a long termer, there is no way I would condone that action.
It is what it is, but we have turned the corner now, with no CR required in the immediate future and an exciting and inexpensive drilling campaign ahead, these next few months will be crucial towards the surviaval, and prosperity of TTE.
It is a RISKY stock, and if we had a great cash flow, then you wouldn't be paying this price at the moment, we would be near the 5c. I suggest if you are squeamish and can't afford to lose money, don't put money into these stocks. (Not financial advise, just common sense)
IMO we don't have the money to drill 5200, we will go after safer prospects and cheaper projects hopefully build up our cash, then go to that 5200 level. If they want to take their time and do it right, that's fine by me. Because rushing these things and going into a salt dome with all guns blazing, is a sure fire way of destroying a company.
GLTA IMO patients is required.
GEV Price at posting:
8.0¢ Sentiment: LT Buy Disclosure: Held
