Ann: Half Year Report, page-29

I have reread the assumptions and estimated conclusions on how CTO had arrived at low, mid & high NPVs of the project and I have found their estimates to be relatively conservative (provide the figures outlined for indicated, probable & inferred "reserves" can be easily backed-up by CTO and easily measurable/assessable by interested third parties). I am thinking if that is/was the case why is CTO taking a very prolonged period to secure finance or funding? There is something there that the "punters" are not happy with it, but what? Could it be the Board and their lack of convincing preparations?

Perhaps to go forward the Board needs to seriously consider assigning the project to a competent team of Operators to "run it for them" at a mutually acceptable return ???