Hey guys re Jacka stating this well being "fully funded" In...

Hey guys re Jacka stating this well being "fully funded"

In every weekly press release on the well, Jacka said the well was costing $44.8m "excluding" testing (and testing costs were always the critical part of the well).

This was always accompanied with "the company has ample cash to fund its part of the estimated well cost" (meaning not including the $10m testing cost which is an integral part of the well).

If they did include the testing I estimate they would have only have $400k left at June and they would have known about this +6 months ago.

Last Wed the only new costs were the well delays up from c$45m to $49m, thus $4m extra and Jacka’s extra contribution of $0.6m, so now Jacka's cash is negative $200k.

I am not moaning / complaining.
But I am stating they are totally financially incompetent.

An external advisor’s dream for easy deals, 20% for company for petty cash. And the great thing is, good old Jacka is going to be back looking for more money, who said Christmas is only once a year.

Fools or thieves, we will know on Monday
I am betting both (director share options at $0.08)