GD, they're doing everything you'd expect a diligent mgmt team...

GD, they're doing everything you'd expect a diligent mgmt team to do when the proverbial hits the fan. Cost reductions wherever possible, reductions in salary, some payments in shares. Lots of buying on-market.

I do fear however about whether they can stay viable into H2 2016, which is the earliest real newsflow that could re-rate the company, as I believe that is when they will have reviewed the seismic data and be in a position to drill. They will need more funds between now and then and raising funds has been difficult. Thankfully, CPS underwrote some of the last CR and the MD has been more than willing to stump-up to keep the company afloat.

Maybe rather than fearing the company as a going concern, the real risk is how many shares need to be issued between now and H2 2016 to raise funds. I do rate mgmt highly though and none of this is particularly within their control.