Do you stop? Do you have to think about it for 5 months?
If your operator is still convinced that it is worth persevering with C18, and we certainly have not exhausted that yet, and you haven't got enough cash to proceed, you DO stop and you then try to get that cash and, as we all should bleeding well know by now, even 5 months has not been long enough for them to do that.
Cut the conspiracies Kiwi and take on board some extremely basic economic considerations. Too simple? Not sexy enough? No TU's for "basic logic" You just love those TUs don't you? Enjoy them while they last as the SIMPLE truth will destroy all of those imaginative theories.
29 October 2014.
The Company has been in detailed discussions in recent weeks with potential funding partners regarding a financing facility to fund its upcoming funding commitments on its 60% interest in the Atzam and
Tortugas Oil Projects in Guatemala, and other potential investment opportunities in the oil and gas arena.
These negotiations are now well advanced and the Board expects that it will shortly be in a position to
execute a new financing facility to fund its current obligations, including future repayments under its
existing loan facility.
(Translated into simple English- they don't have enough cash to continue).
Atzam 5 Well Testing Operations
The Atzam 5 well testing operations that were expected to recommence in mid September on testing the
C18 carbonate section were delayed due to further technical review of the optimal C18 section to retest,
and the type of testing program to be run. The testing program has not yet been restarted, and the entire
reservoir sections above the C18 (C13 to C17) still remain to be flow tested.
If the recommenced flow testing operations on the upper C18 carbonates are unable to sustain oil production at a strong commercial flow rate, the testing program will move up to the C17 section which is the producing reservoir unit in the Atzam #4 well.
(Translated into simple English- They haven't finished work on C18 and will continue to do so until they and the Operator are completely satisfied that C18 is definitely not commercial when they will then move to C17- but- they have to get more funding to do that).
Come on Brett do us ALL a favour and give us the news so we can discuss facts and not allow all this scuttlebutt to continue.
And we know that you read HC.
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