orca, page-6

If they cant sell TZ soon then they will be looking for some kind of smokescreen to cover the fact they are overspending and probably cannot afford to drill even one well after raising capital for two drills. They UK 'deal' is certainly not delivering and with a re-drill delayed for an unspecified time, it looks like this was a disastrous deal for the company even if some get regular international trips out of it.

OK. so they made a mess of the cash. What matters is how they move forward.

Best case is they can sell TZ for a good price and deliver results cost efficiently which is something they have no track record of doing.

Middling cases are:
- they sell TZ for an average price and return to the overspending under-delivering ways.
- they put together a JV on a new asset or JV out some part of italy which results in some dilution, but the partner is a good one and the deal has definite value for shareholders (not like the UK one... if, but, when..)

Worst case is something of the order of them going the smokescreen route and putting together a 'deal' on some project of questionable value with some partner/investor of questionable value which results in a HUGE low priced dilution and a minor SPP that is non-prorata but done just to shut the smaller retail shareholders up.
This last methid is the normal Perth company route and god forbid these 'Hardman boys' go this route, because it will really say alot about their corporate skills.