OK, we had $0.7 million in the kitty at at Sep. 30, and to this can be added the $0.8 million gross raised in the entitlement offer.
Subtracting the massive and ongoing administration costs charged to NWE owners, this suggests there could be more than $1.0 million available in the kitty right now to do what us owners want you to do: drill and discover commercial quantities of oil and/or gas.
Sadly, the immediate prospect here is NWE's only 20% interest in the Lockyer Deep well. I say sadly because the best guess for this well is just 58 bcf gas. Still, better than the unemployment queue at this stage of the game.
Could i as an owner respectfully request management to get cracking on this immediately, lest you spend all the money on yourselves again.
It's in your own interests to do so. Success in the short term at Lockyer could allow for another well to be drilled soon after, keeping the NWE trough well and truly open.
Possible? We'll see.
NWE Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
