The only official info on funding issues I can find is from this ASX announcement at the end of October,
"The Company has been in detailed discussions in recent weeks with potential funding partners regarding a
financing facility to fund its upcoming funding commitments on its 60% interest in the Atzam and
Tortugas Oil Projects in Guatemala, and other potential investment opportunities in the oil and gas arena.
These negotiations are now well advanced and the Board expects that it will shortly be in a position to
execute a new financing facility to fund its current obligations, including future repayments under its
existing loan facility."
It does not say that funding issues have stopped the testing of Atzam 5 (which, if true, surely must be
material information).
Rather, the latest word on testing (from the same announcement) is
"The Atzam 5 well testing operations that were expected to recommence in mid September on testing the
C18 carbonate section were delayed due to further technical review of the optimal C18 section to retest,
and the type of testing program to be run. The testing program has not yet been restarted, and the entire
reservoir sections above the C18 (C13 to C17) still remain to be flow tested."
Nearly three months since mid September. Are they still doing their technical review?
It would seem to me that it would be better if Gassed, rather than taking a punt that a coin will land
on its edge (my assessment of the probability that we will win out) would be better served if he used
his lawyer expertise and experience to sort a few people out.
CTR Price at posting:
0.1¢ Sentiment: None Disclosure: Held
(20min delay)