$2.0m left in bank - sell, page-4

re: why no new capital raisings The shares were issued at 20 cents. Almost 2 cents were lost in the issue costs.

Now you say they have only $2m left so they have blown $5m and produced nothing. This writes off another 8 cents per share.

The new shares opened with at 30 cents with blue sky of 10 cents per share. At least half of this is gone.

My top valuation is now 15 cents per share.

My low or more realistic is 10 cents per share.

The market obviously doesn't agree. Maybe a capital raising will present opportunities.

Alternately BAS may farm down it's positions for a free carry through drilling.

They need a lucky break now to justify the current price.