Lastest presentation suggests they have approx 3 mil in cash and two wells will cost them 17mil. So this grant will help minimise the damage of the capital raising that will be needed to fund these projects.
Was a little disappointed after greenearth secured a 25mil grant in Victoria for a similar project that Hot Rocks hadn't even applied for! This makes up for it slightly but given that greenearth also got a 7 mil grant on top of the 25mil grant it makes you think why they did not bother to apply.
HRL Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
