With the farm out 6 wells are to be drill funded by Helium One up to $450k each - so around $2.7mill - not sure about total additional costs to BNL as company indicated higher cash outflows in the first half of the year.
Management also indicated cash available sufficient for 2 quarters. Then the spiel about being able to raise funds if required thus a cr is a possibility.
Will company be able to sell sufficient gases prior to avoid such is yet to be seen and if more funds are raised how exactly will that occur and for how much?
Company better get a wriggle on to tie in all those wells and start to produce gas to sell - it appears concentrations are increasing thus concentrate on making sales and less reliance on further dilution or farm sales.
Would like to see an announcement on product sold and revenue received - not so keen to see another cr announcement.
BNL Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
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