We've had 6 presentations so far and only 1 CR so nothing out of the ordinary to suggest a CR. $5M+ in cash according to latest presentation and it seems we are burning at about $1M/month so there is no immediate need to raise funds even with an extra rig or two coming on.
Still plenty of news for the market to absorb in the next two months before I'd be happy with a CR at 40c+. Besides, the company needs to interpret the remaining holes before deciding where to draw the line for Ternera to then calculate how much drilling they need to do to define the resource. I think all of the step out holes will be prioritised to direct location of future drilling and to help delineate the boundary. This will see holes 44,48,50,51 & 54 released first.
For CR to occur at 40c we'd need to be trading at 45-50c which puts MC at ~$230M and at the rate the share price is progressing, I'd say it's likely we'll hit this before end of year.
TSO Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
