Ann: Quarterly Report and Cashflow, page-72

@Gharp

Yup, has been a very expensive $100M plus for some inconclusive results (that's the best you could say about this).

With $8.5M left and the idle rig draining circa $500k per month, its going to be a tough ask to restart deeper drilling and flow test.

There is NOT enough money. Everyone knows it.

Further, its almost impossible to attract a JV partner, at this stage (no por/perm, no 3D, no core and no flow test results) - with flow test results, being the key to a commercial discovery.

Check out Sintana Enery (now $1.12)

https://finance.yahoo.com/quote/SEI.V/

However, if someone (JV partner) was prepared to take the risk at this stage, they would probably demand 60% working interest, 20% to IVZ and 20% to the Gov.

Or IVZ will raise at circa 5 cents range.

The Gov (despite the narrative) would not step in. After all, the resource (if there is one) is in their country. The MO is, the private sector (in this case, a foreign company) take the risks and the State benefit when commercial production starts.

Ultimately, the company will have to bite the bullet soon: CR or JV partner who will take the lion share.

No easy solution in the current state.