Ann: Non-Renounceable Entitlement Offer Document, page-147

They don’t know how to finish Well 2.

Also they have not known how to finish well 2 since late last year.

They have no money left.

What’s worse than having no money left the clock is still ticking on the drilling rig rusting in Uruguay and the directors bar tab.

I don’t think this will go into liquidation ( though it is possible) but I do think existing shareholders may lose most of their money. Mining companies that have sucked all the blood out of existing shareholders have a playbook - it goes (a) consolidate the shares ( ie - if you had 10 now you have 1 ) (2) have an underwritten cash issue or introduce a new asset for shares (3) change the company name and hope everyone forgets all the money they have lost (4) delete the old company email addresses..... the technical term for all this is rinse and repeat....

Also I’d be wary of throwing good money after bad.

And get another beer kiwiboy!