"As a result of matters described in note 1 of the financial report as related to going concern, there is significant uncertainty whether Carnarvon Petroleum Limited and the consolidated entity will be able to continue as a going concern without obtaining further funds to continue it's exploration and development activities".
Ernst and Young, 15 March 2005
From Note 1
General Admin ($124 000)
Directors Emoulments ($106 000)
From Note 2
Revenue from Operating Activities ; $429 555
Cost of Sales : ($375 622)
OK, so we have net $65 000 a half year from oil operations, but we have $230 000 a half year from admin costs.
I see a capital raising at 2 cents ...
Ian Whitchurch
requiem for an oil company
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