I was there Bitzer. About a dozen people in attendance. Disappointing that Matt wasn't there.
basically the update was:
- it was acknowledged the communication to the market in the past was not frequent enough and was difficult to truly understand where drilling was being conducted and where targets were. A commitment was given to increase the frequency of updates and provide more details on activities and locations.
- we should have been drilling again by now however the drilling contractor suffered an event that delayed them. Rigs should be on site for us any day now. We have sufficient cash on hand to cover.
- we will need to raise capital in the future however the board is well aware of the dilution this would cause at current price. They are looking to monetise some of our assets in the short term but no details could be provided at this time.
- they are looking to employ further on the ground expertise. More details to come shortly.
I walked away from the meeting with a renewed confidence. Our neighbours have had some great success and we have only drilled very shallow. The next round of drilling will be far deeper (similar levels to where the neighbours got results) which hopefully will provide the data to get us moving.
TNR Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
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(20min delay)