Production issues (expected with a field start up) + incompetent management (biggest issue)
The board decided to dilute the f**k out of the company due to their incompetence. Paying massive salary bills + massive subcontractor bills, burning through cash, lying about wells ( Albany, marking them as successful then 2 years later declaring them a failure )
Nevertheless 2 wells are producing with the chance of 2 more coming on very soon.
I averaged to 2.4 cents in the most recent capital raise and still find myself about 60 percent down…:
Ann: Cooper Basin operations Odin-2 completion and Vali-2, page-6
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