Its pretty obvious what the company has to do - ie. raise enough...

Its pretty obvious what the company has to do - ie. raise enough capital.

It had $8.5M by 31st March 2024.

Idle rig costing USD $10k per day will cost circa AUD $1.5M at end of June, add in $1M in staff and Admin costs, the company will be left with circa AUD $6M, by 30 June 2024.

AUD $6M won't be enough to drill deeper and conduct flow tests, or complete 3D. There is Not enough money in the bank.

As to the imminent PPSA, I doubt it. Its been imminent for the last 3 years. It will be a miracle if it does happen before 30 June 2024.

As to potential JV partner/s: without the flow test, any JV partner will want the lion share, possibly 80% working interest for one free drill.

That won't be palatable for existing shareholders.

Which leaves Capital Raising at circa 5 cents per share as the only alternative left.

This slow deflate is just preparing existing holders for that reality.