almost a bullseye, page-7

Now I largely commented on your second point in my last post there Davo so let's have a look at your first point :

"Firstly QPN does not have the money to drill any of those new wells,...."

Acknowledged !

Yes that is a bit of a stumbling block at the moment no matter which way you look at it.

Even with the present cashflow of about AU$65,000 per month it is not going to provide enough to undertake the drilling programme that hopefully QPN has ahead of itself over the next 6 - 12 months.

We know that Salinas wants to be in a position to drill Osso Bucco and/or Merlot at some stage in the not too distant future (QPN's share is 12.5% in both)
That will depend on when SAE can get some other farmin partner(s)

Then we also have Guijarral Hills #1 well (or wells) which may depend on whether Nations Petroleum want to farmin some other company to reduce its present 50%

So anyone of those wells would cost QPN over US$500,000 - US$800,000 each.
But success at any of them would be a huge payback for QPN comaparative to its present position.

Then we have an indication of possible further wells at Bullseye to gain increased production.

So where does QPN get the money from ?
Cashflow is obviously not enough.
Sell Bullseye (no need to spend money on further wells there) and take the risk of gaining a better commercial asset from at least one of the other three ?
Do some other deal with some of its Californian acreage and gain money or leverage that way ?
Or present a firm 3 well drilling programme over the next year to shareholders and go for a further rights issue on that basis.

Tricky ! Needs some other success to make things more attractive if that is the path that must be trod.