Similar story to the likes of KIK and repeated thousands of times by oil specs, sitting on a licence/lease of x amount reserves but no money to test further or able to secure any interested JV partners. Company goes into temporary and then permeant suspension, directors never heard from again until the come up with a new company to start cycle of capital raisings all over again.
Look at NDO saga, lasted years but it was always doomed for failure trying to operate a floating offshore rig off the coast of Philippines, not only due to cost, making the reserves uneconomic even with oil over $80 but also one of the most typhoon prone areas in the world constantly causing long costly interruptions to production.
Kat.
Similar story to the likes of KIK and repeated thousands of...
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