Ann: Research Report , page-158

Spoke with Argonaut again this morning.
RRS is having a meeting with a week or two
regarding a refinancing proposal.
It is suggested following this, that a clarification
of the 100m shares loan will see the light of day.
There are a number of scenarios and this depends
on whether the third party lender has sold or not.
There will be a change of holding announcement if
indeed this has occurred.
The best outcome is that if they have sold they will
buy them back on market ( potential to be 3c CTR SP due to
this ).
Another option is for CTR to offer the shares at say 1.6/1.7
cents ( not such a good option!)
This all depends on where the ownership lies at present,
so only speculation.
Argonaut were surprised re the 43 million shares for loan repayment.
As far as the AT 5 drilling goes they suggest this is going well. The testing did not occur at C13- why?
One answer is that the drilling is going well, so head on to the lower sections. Also as the pressure is greater in the lower sections there is some possibilty of well damage if " testing as you go" approach is used.
. They IMO should not have announced the " testing as you go " approach.
The target is 7-10 days and they will report oil shows.
As they need to cement ( can take a week or so ) before
testing, it is likely to take a few weeks before real
commercial rates are reported. They are likely to test the
upper sections for pressure, flow rates, following the
lower section tests ( which is the standard proceedure ).
Clarification on a potential major making a play for this.
It is more likely ( if at all ) to be a mid tier O and G
Company with say a $5 billion market cap.
Still some patience needed.
And until CTR make official announcements this all is
speculation.
Trade as you will.

GLA.
DYOR.