Ann: Appendix 4D and Half Yearly Report, page-2

The core Australian drilling business seems to be going well now, and generating cash, but the massive debt is a big worry and there is a "going concern" disclaimer in the report. The debt is 136K and the company is apparently only in a net asset position per share because the UK shale "assets" are valued at 156K. They are virtually worthless if they can't be drilled and fracced.

Without the debt and the UK shale assets, this would be a viable business worth a lot more than the current price.

As it is, with the debt, it's virtually uninvestible, which is a pity because I have and am sitting on a massive loss. Lucky some other investments have paid off for me so taking the tax loss is an option.

How are they going to address the debt? It's too much for a rights issue.