Don't forget they have to pay for the Exalo Rig which they had signed an extension for 2 years, only last Dec 2023.
Its now March 2024, so 3 months of leasing fees plus skeleton crew on the site.
The Rig would be charged on a daily rate (probably discounted given its a 2 year extension).
Even at idle, the Rig would be burning through cash. And then you have to include security personnel to protect the site.
If they don't find new investors, JV partner or sale, soon (within 3 months), they will need to raise again at maybe 5 cents or less.
If he pulls this off, he will be a hero. If not, shareholders will be diluted into oblivion - just to pay leasing of the Rig for 2 years.
Here is the Rig on site
https://www.exalodrilling.com/news/s/extension-of-cooperation-with-invictus-energy-in-zimbabwe
