The hole just keeps on getting deeper. I've almost sold at 1c, but then thought that from here I hope I stand to gain more than I could lose.
I keep thinking, there was gas in the Worthington well. Sure, they messed up, and it may be a while before they can figure out how to access it from here. But maybe a lot of patience will pay off.
And of course, the gold. They haven't fully assessed all the drilling, so there will be a higher JORC resource when they get that finalised. Further drilling is going to take a lot more money, but if the gas comes through then that is the ticket to realizing the gold at Redcliffe.
And PRE isn't broke yet. There is $1.5 million, including the final payment for the non-US gas projects due before December. Still some upside, especially at this low mcap, for the prospectivity of the Redcliffe gold.
PRE Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held