Ok lets timeline this.
12 January: Waylering Update - Grant of Production Licence. Status:
Everything on Track
31 January: Quarterly Report. Status:
Everything on Track - Debt financing negotiations ongoing, final decision shortly ($12m Cash at Bank)
9 February: Investor Presentation. Status:
Everything on Track - Debt financing negotiations ongoing. Strong capital position and we're doubling down on our statement that we will be a producer in Q1 2023 (50 days from date of announcement)
How on earth within the space of 3 weeks can we go from:
- Everything is fine;
- Debt funding decision shortly;
- $12m cash at bank; first gas production at end of March;
to, we need $14m more cash to fund Waylering development, by the way, that Q1 deadline, lets shift it to Q2 for gas production.
This does not seem right; the competency of Directors is farcical. There should have been multiple announcements to the market that there would likely be delays in production commencing, particularly given the Environmental approval has not yet been granted. The gross cost of the production facility, as per the announcement on 19 October 2022 are $14.4m. As stated above, our share is therefore $6.48m. We have enough cash for this at present, via the $12m cash at bank balance (less operating expenses for the quarter).
This is definitely worthy of a complaint to ASIC. I will hold my fire (and email to Colby) until I see the confirmed terms of the raise. This is just so typical of these minnow companies, with Directors that are just in it for self interest. Absolutely pathetic.
