TerryA,As you say, the last thing TNG can afford is to go into...

TerryA,

As you say, the last thing TNG can afford is to go into hibernation while the court case plays out. If that were the case we would see the sp slowly sink even further.

As the current drilling program has already been reduced (you would think no more than $3 million expenditure), that leaves $2 million in cash as a contingency if they lose the case. Of course there is the legal costs, which I have no idea what they will be, but effectively TNG need to somehow raise enough cash to balance out these legal costs if they are to not reduce their drilling campaign further. I would say any less than $3 million spent on actual operations, then we might as well not bother. Therefore there are 2 options. Make the company attractive to a takeover or as you say a renouncable rights issue. Either way, they need to ensure the current program is not effected and Manbarrum is not delayed any further. Otherwise, they may as well liquidate the company.