Ann: Rights Issue Shortfall Notice, page-88

The majority of O& G exploration companies rely on shareholder funding to remain solvent so that they can keep trading as they do not have an established cash flow income from normal operations. The key is in the wording “exploration” as opposed to “producing”.

It’s that simple. In this instance the Shareholders have withdrawn funding which has left the business with limited options....

1. A new partner or new funding.
2. Sell Assets
3. Go back to Shareholders
4. Shut the doors.... although I view this as the last resort and Management will be looking at every other option first.

Good Luck All