Keep in mind that fossil fuel companies cannot borrow from...

Keep in mind that fossil fuel companies cannot borrow from Australian banks. The NZ purchase was between partners and not representative of what can be bought for $17m. Horizon can afford prospective tenements and nothing in production and profitable for less than $50m. The company's reserves are running low and it does not have the cash to replenish. It can accumulate but management costs are high and erode savings. Frankly I see a re rate ahead down to a MC about $20 m lower than now. Hope I'm wrong but I can't see a positive future beyond treading water paying management and a slow death.