Or another way to look at it Saltbus: less than half a road tanker of oil per day. In the middle of nowhere. In an area impenetrable for much of the year. Being managed by John Heughes. With sketchy flow information during another capital raising.
Need more?
Gunna take a looooong time to get investors hundreds of millions back. With all JH's other tenaments there will be many more cap raisings still make no mistake.
$10 million per hole? with a flow rate of 380bpd? Out there? After 10 years?
The market knows that this mob are serial raisers. Serial raisers = wealth destruction.
Also probably best not to work on just pulling the tanker up to Darwin and getting your $120 bbl (storage, further transport etc.)
Are the initial "flow rates" fair dinkum or a way to guarantee the CR gets over the line?
Anyone remember GDN?
CTP Price at posting:
28.0¢ Sentiment: LT Sell Disclosure: Not Held
