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.
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Last
7.8¢ |
Change
-0.001(1.27%) |
Mkt cap ! $112.3M |
Open | High | Low | Value | Volume |
7.8¢ | 7.9¢ | 7.8¢ | $27.77K | 354.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 433314 | 7.8¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
7.9¢ | 764999 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 433314 | 0.078 |
7 | 650866 | 0.077 |
3 | 345888 | 0.076 |
7 | 593399 | 0.075 |
2 | 300000 | 0.074 |
Price($) | Vol. | No. |
---|---|---|
0.079 | 764999 | 3 |
0.080 | 1011699 | 5 |
0.081 | 1050000 | 3 |
0.082 | 1150917 | 6 |
0.084 | 211 | 1 |
Last trade - 15.51pm 30/08/2024 (20 minute delay) ? |
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