Been asking the same question myself. Becos to be drilled,...

Been asking the same question myself.

Becos to be drilled, hopefully later this year? Best estimate 2.5mmstb net to TEG. TEG have prescribed potential value of $20/barrel in place.
TEG need to cover 25% of costs for the drill.

UK is dead, can TEG jag a farmout on one of their Asian prospects?

Selling GAS shares on market. 12m gone at an average of 0.06. TEG is no longer substantial holder with 12m shares left but are probably still selling.

TEG can't rely on the Cliffhead transaction to complete on time and still need to fund their share of Cliffhead opex. ( to be repaid at a later date)

Can TEG drill Becos without another CR prior to spud?

Cash $6m
GAS shares sold $0.7
GAS shares to be sold $0.5
Staff/A&G ($1.3) to Dec.
CH oper. loss ($2m) $1m net loss per qtr
Becos 25% drill ($1.5) est.
TEG cash Nov. $2.4m

PGY payments $4.5m
(mid Oct-Dec.)

TEG cash Dec. $6.9m

TEG is highly reliant on PGY making their $4.5m in payments between mid-October and December. If it extends again TEG will likely raise prior to drilling Becos. Say a minimum of $2m @.005 so 400m new shares. TEG SOI now 2.5bn.

The big bet on Booth didn't pay for TEG but as others have pointed out Becos is a lower risk/lower reward target. Hopefully it can provide a foundation for TEG moving forward.

If Becos is successful TEG have said it could be worth up to $50m or 2c a share. Makes TEG good buying at 0.006 if all goes to plan but a long road back for all 1.5+ holders. (including me) I'm sort of hopeful that I have missed a pot of gold somewhere or that costs can be reined in more.