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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6.3¢ |
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Mkt cap ! $89.32M |
Open | High | Low | Value | Volume |
6.2¢ | 6.4¢ | 6.0¢ | $308.9K | 5.008M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 160000 | 6.2¢ |
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Price($) | Vol. | No. |
---|---|---|
6.3¢ | 147648 | 2 |
View Market Depth
No. | Vol. | Price($) |
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1 | 160000 | 0.062 |
4 | 741332 | 0.060 |
3 | 900000 | 0.059 |
4 | 399842 | 0.058 |
2 | 25500 | 0.057 |
Price($) | Vol. | No. |
---|---|---|
0.063 | 147648 | 2 |
0.064 | 839531 | 4 |
0.065 | 693000 | 5 |
0.066 | 965000 | 3 |
0.067 | 956665 | 4 |
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