Would be interesting to see a detailed break down of the admin fees to see if any are "non recurring". that would give us a bit more confidence.
I think the HC members have given them a pretty good indication that they should stick to current projects, get them producing some good income and then explore.
Personally I am not that shaken by the financials or future cash raising.... I invested in this company because of the potential rather than the "actual". Potential doesn't happen by standing on a plot wondering if there is oil under your feet... it happens by drilling the plot and drills need dollars to turn.
Management have said they are cutting admin fees and they have an aggressive drill program going on current sites.
Sure this stock is risky as hell but if you don't like risk go and put your money in a bank.... come to think of it, after the GFC, that is probably a risker alternative.
At least we got some turnover!!
Chris
GEV Price at posting:
7.0¢ Sentiment: Hold Disclosure: Held
