Cash is actually $1.44m, the $300k you are referring to is just the 'at call' component.
Cash burn is much lower now as directors are taking shares in lieu but theres no way they can commit to either seismic survey without a deal.
Noel is overplaying his hand IMO. Cheaper for Bridge or WPL to go with a hostile t/o, they could pitch at 15c and pick up a substantial quantity and then either negotiate Noel into retirement or wait for the company to run out of time to carry out seismic.
TDO Bedout Basin permit, page-9
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