Unfortunately, the management still doesn't provide an update and treat shareholders like mushrooms. The management said end of November, the chairman said this week. They should know whether the contractors are on the premises or not, and whether they have the correct equipment and people this time! It may bounce from here with a positive news or may end the year at all time lows.
It's delay after delay, excuse after excuse... This has been going on since the beginning of the year. If they continue to delay Vali 2 and Vali 3, they will eventually ask for a cap raise to drill another well. They would be prompt with informing shareholders about a cap raise! At the moment, I think the revenue is barely enough to keep them cash flow positive. Gibbins himself gets 400k per year (and he is 0.9 full time equivalent) which would be a big chunk of the margin. They also have a relatively large admin expenses too.
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