Daisy and co, just because you shout louder doesn't mean you are...

Daisy and co, just because you shout louder doesn't mean you are right. The numbers speak for themselves as does the complete lack of interest by the market.

In my mind, what is most concerning out of this quarterly is the continued rapid decline in oil production (and the $1M annualised director costs!!). I was led to believe the decline would be slow (circa 10% per annum) - but it seems based on a full quarter of production - the field only averaged 930 bopd. When they acquired it - the field was doing about 1,500 bopd, so that is a 40% decline in two years or so! There seems to be no talk about this on HC or by the company (other than the BS that somehow production is going to double with no work and no investment).

No question, the oil price is saving them at the moment, but with virtually no cash and debt due soon, there is precious little wiggle room. They need $2M+ equity and fast. Where will that come from is the question!! Perhaps another high interest loan from Tamarind is the only option......time will tell.

I note also that the escrowed cash has been escrowed for over 2 years (maybe 3), so I wouldn't be banking on that! By the way ASX/TEG - since when has escrowed cash qualified as cash equivalents????!!!!!

Yet another tick in the box for Monark and Al's analysis (whether you believe it or not). Its a screaming sell (if you could - which you can't) until they raise some equity - which will then re-set the base for a while.

dyor and gltah