Drill results at Promontorio released by the company were exciting but the initial JORC isn't as its only 1/2 the size of the historic resource estimate. The chances of an economic resource at Promontorio have diminished but not disappeared altogther.
The farm in argreement with JOGMEC La Tortuga & Los Nidos is positive in my view as JOGMEC must see potential in these 2 areas.
The problem for AZS is they are now low on cash and with a dispappointing JORC announcement for Promontorio they have to either bring in a partner or have a cap raising at a discounted price. In addition they have regular payments to make on Promontorio to maintain ownership. Considering the last cap raising was a failure at 12.5 cents I can't seen how they will have a succesful cap raising so it looks like dilution at Promontorio is likely and I wouldn't be surprised to see JOGMEC as the farm-in partner.
Worth continuing to hold IMO but the excitment has disappeared.
- Forums
- ASX - By Stock
- AZS
- Ann: Promontorio Resource Estimate Completed
Ann: Promontorio Resource Estimate Completed , page-13
-
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)