p/a,
I have started this new thread for you so that the following information didn't get "lost" amongst the other one:-
They already did a Capital Raising last month. They raised $1m (before brokerage) and seemingly live on the smell of an oil rag (which is good because they are very tight with expenses).
With regard to their debt situation please read past ASX announcements. Click here for the last Quarterly Report
As you can see from the Quarterly they had $5m cash on hand at the end of April; they had $1.8m in listed companies (MV); and their expenses were approx. $780k. In Q1 they burnt approx. $750k.
Estimated cash burn for Q2 is $1.5m for exploration & evluation.
Current options are approx. 103m (Directors/Staff mainly); and most expire @ between 5c & 7.14c on the 17th November, 2009. This should tell you something!
As a takeover target I noticed poster 'young trader' indicated possibly of ~12c; although as this is Australia's oldest Oil & Gas Explorer they may put up a fight should any takeover occur. It looks like (I hope) that if the options are in the money we may be trading between 7 and 12 cents by November this year imo.
Anyways that's my "snapshot" on it and you can of course research the Company further by looking at their many recent announcements on the ASX website should you be considering buying in!
Cheers, Pie :)
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