So, they finally admit that there is no economically recoverable hydrocarbons in Romania ... now trying to switch to a geothermal energy license. It was obvious 2 years ago, but finally they fess up! Note, if they go for geothermal, license has to be transferred to geothermal license - so no more hdorcarbons. On the books at $9.2mn, of which 49% their share.
On another note ... 100% of their debt is due within 12 months ... they are praying the shares go to over 14 cents so that options are exercised and paid with loan notes.
We will see if with resumption of Anshof production they can clear the hurdle of profitability from operations ... personally, not holding my breath.
ADX Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
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