Good work lani62,the proceeds from the EF sale $1.572mill was a...

Good work lani62,

the proceeds from the EF sale $1.572mill was a pretty big boost to the coy acc's. Throw in the Lind scraps and we have around the $1.8mill mark,from guesstimating quickly ??

This amount of money was more than enough to do the #1 & #2 extensions but they chose to drill another well which they are unable to complete, not with the state of the finances at this stage.

So the 2 questions still remain.

1) Where did the $$ come from for #6 ? Was it the sale of the EF project which is about to start producing ??

2) Why did they choose to, yet again, put on hold #1 & #2 ??


How many times have we seen wells put on hold, shut-in, production stopped for a tuning job for whatever reason in the 18 month's this infamous project has been running ?

This very last excuse with #1 & #2 is a cracker I believe.

10 weeks ago the coy position was this;

A) "Funding now complete for the current Permian Project work plan"

B)"There will be a production test period of these intervals before fracing the Spraberry Dean intervals."

C)Funding

Funding for the Permian Project’s current work plan has now been secured with the completion of the A$ 3.2 million Entitlement offer and the A$7.5 million facility provided by The Australian Special
Opportunity Fund, LP, a New York-based institutional investor, managed by The Lind Partners, LLC.

Throw in the EF sale of $1.572mill we have a total of $4.772mill avail immediately plus the 2 x draw downs from the Lind facility so far.

And then we have the statement below.


These funds will be primarily used for the Permian Project.

So the funds were to be used "primarily for the PB. Where did the balance go ?

Where has the money gone ? is a very fair and more than reasonable question I believe.

cheers