huh ???A CR was done for Killa works 28 months ago.ASX...

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TruffleDog

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10/01/24

15:12

Post #: 71814396
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Originally posted by shelt89: ↑

With what money?

Sure, he could have fast-tracked the drilling of the other wells, but that would have required extra funds.

He could have gone to the market and asked for cash to fund the drilling, but that would mean more shares. I don't see any concerns with the current number of shares on issue. Still, we are definitely on the high side, and consolidation may be required once things are running.

He could take on debt, but we would be playing a dangerous game without income.

He could set up a farm out, but that's what the gas was for.

So, the only option left was to wait for an income stream. The original timeline was to have the gas income long before now, which would have allowed drilling in 2023, but it didn't materialise. This left us with little other option than to wait.With income comes the progress. I am happy to be here and keep my money invested, but this year will be make-or-break for AK. He has no excuses, but he is delivering just later than expected. Besides having better announcements with more information, I don't know what else AK could have done. So many holdups were out of his control.

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huh ???

A CR was done for Killa works 28 months ago.

ASX ANNOUNCEMENT
2 September 2021
RED SKY COMPLETES PLACEMENT AND SHARE PURCHASE PLAN
HIGHLIGHTS
• Placement and SPP completed raising $5.1m via share placement and SPP (before costs)
• Funds will be applied to further expansion and development of the Killanoola Oil Project

ROG Price at posting: 0.5¢ Sentiment: None Disclosure: Not Held
14 Upvote

4 Great analysis

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