At 5.4c, market cap is around 30million with 550million shares on issue and no debt.
Cash was around 20m roughly at end of September 13. The max cost to drill 120 was capped at 20million with max cost of 39million. The hole is dry reduce the cost substantially, let's say 30million with Neon interest to pay 2.5million.
I can't find the cost to drill 105... any ideas? However, it was capped at 25million paid by eni again so presuming neon interest the same as 120.... which is 2.5m plus same expenditure as per last quarter which was 1.4million roughly.
That brings their cash around 13million roughly.... plus their assets.... am I missing something? No change in substantial holder notice so far so perhaps ssome one is selling?
Or is it close to bottom?
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