I have to agree, if they weren't able to raise the required...

I have to agree, if they weren't able to raise the required funds in full, it means the sophs / instos did not like what they saw in their due diligence.

I sold my position today for the same price i bought it for (11c) - which is unfortunate - because as i said the project does have great potential.

There are certain things i dont like right now:
1) During the March 2021 quarter, $341k was paid to directors and their associates for
directors' fees, company secretarial fees, corporate fees, capital raising fees and legal
fees.

The directors are being paid well it seems. And to me that is a red flag for a project like this that isn't making any money and is relying on CR to keep the lights on.

The directors also own / operate other companies and are being paid very well in other positions. So if they really care about this project they should be paid nothing or in shares until the company gets on its feet.

I guess im not that comfortable with the directors, they haven't gained my trust thus far.

I had sent them 2 emails, one with some concerns and ideas, and the other for an updated T20.
I didnt receive a reply for the first email. I did receive a reply after a few days with the updated T20 that said it was just for me and had my name watermarked on it.

This is a big difference in comparison to when i emailed IVZ (ASX:IVZ) - the directors there are amazing, and really take the time of day to answer any questions - plus they are being paid only in shares, because they believe in their project. No cash.

2) The only thing that will save this company IMO is if they get that offtake and start selling the small amount of gas to locals (how they have originally planned + marketed). This will ensure there is cashflow and some profits coming in, until they progress with the rest of their project. But again, this is not guaranteed.

Because the rest of their project is relying on a SA Insto to fund the 20 well program (which may or may not happen).
So if these guys are burning through cash this fast, and the SP is doing nothing - sophs will not be willing to contribute in the next CR - and that would mean its time to turn the lights off.

That is my worry.

I will happily re-invest in this company if they start selling the gas they already have, and start getting cashflow / profit to keep the lights on. But they are burning cash pretty badly from what i can see. There will also be significant dilution soon. Will be watching from the sidelines.

I guess its too early for me to invest, im not that comfortable with it right now. Ill have to come back some time in the future and see where the progress is at.

Best of luck to all holders