I don't think it would be a bad move going from a failed O&G explorer and buying a proven gold project. That's likely to add immediate value for shareholders. Unfortunately, the issue is here that's there's a long way to go IMO.
The 249D has just been announced. We could be looking at four weeks until the next general meeting. Then the company also looking at selling its O&G project. Will then purchase the gold project, which means it will need to be suspended.
CMT is a great example. Similar company with a similar cash in bank. They have been suspended for months, meeting ASX guidelines and have needed to raise more cash. So, I'd say the company is probably 6 months away, at a minimum, from turning it around. That's assuming everything happens above. The company obviously will want to get rid of its O&G project before it go's gold IMO. But I could be wrong on that front. But I'd say., your still looking at six months before turning it around.
ETE Price at posting:
2.4¢ Sentiment: None Disclosure: Not Held
