Ann: Half Year Financial Statements, page-15

David, you might be right, of course.
Looking at the Balance Sheet in depth, if the entire development cost is written back to zero, the 896+ million shares are worth 1/10th of SFA.

Remember this paragraph in the report?
"The Group performed an impairment assessment at 30 June 2017 and concluded that the carrying value of the Garatou Project is approximately the same as the recoverable amount and therefore no impairment charge or reversal of impairment loss previously booked is required."

As a retired FCA and auditor (yes, many moons ago), auditors' qualifications are a fairly standard procedure. I couldn't guess how many negative reports i signed off, and after the days of Arthur Andersen, negative reporting became almost obligatory when any doubt existed.

Now, if the Directors reject the need to write down assets and the Auditors do NOT disagree with them, what then is the value of the shares ---- 12 cents is a simple formula.
Further if their net loss for the year was less than 1/7th of their available current and liquid assets, there is no immediate demand or need to issue more shares (in the foreseeable future).
IF (i repeat IF) the permits are renewed and NKP gets back to business, remind me again why the SP would not increase.