WGO (ASX) Ann: SPP Terms and Letter to Shareholders

Originally posted by Fast&furious ↑

Exactly. Good point Fudley. Adisco, do you think Changing focus to Spain will change anything. We will have to go through what we went through in Uruguay.
1. Time to study and analyse geology
2. Unknown what is in the grounds
3. Money for drilling
4. Budget blowout, drilling problems....

We are out of funds. Time is money.
If we cannot finish half drilled hole how are we going to start from scratch a new project. Sure they are trying to raise $1m. Enough for what? How long is it going to last? When is the next CR and the next CR after that. We had a failed CR just a couple of months ago.

Unless we finish off well 2 and find commercial oil, we will end up continuously paying management overhead. Get real with Spain and Australia projects. They will not help sp. Instead we will be asked for more fundings and years of work on promising potentials again like the hypes on Uruguay.

The only solution I see is to use the $1m raised combine with equity offer to driller to finish off well2. We have to get it done sooner or later right. Why not just put in last effort together with Schubach and finish that half a hole.

I think most of us want this then wait endlessly for any actions. Note that more monies and time will be spent before we get anything. Think about how long Uruguay took us before drilling. It would be the same for Spain or Australia. And no guarantee of drilling problems and budget blowouts too. At least finishing half a drilled hole is less risky than starting reasearching for another hole to drill. Please think carefully and logically the situation.

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One more thing if we start Spain or Australia we will incur additional expenses for additionally two places. Air tickets, accomodations, hiring of people...etc None of the monies spent will give any returns to shareholders. Hence I guarantee we will get more CR and more frequent of it as well. Maybe once every couple of months. Think about where they are going to get the money. CR of course. They told us already the $1m is to monitor all the projects. And don’t tell me DC will travel in economy and stay in budget hotels. Look at his last photo with that Uruguay politician. Think people unless you are part of management and still get pay doesn’t how the company performs.