Giddyup,Good summary. I believe they are in a bit of a pickle...

Giddyup,

Good summary. I believe they are in a bit of a pickle (hows that for an understatement!.

It seems to be a bit of a firesale moment for them. They desperatly need to farm down a significant portion of FP and hopefully be free caried for dry hole costs, whilst still maintaining enough of an equity share of the drill to get some decent revenue in the event they find something (still need to find cash to get to production but at least they have spent the money previously to tie in to existing pipeline infrastructure - is that a silver lining?)

They now have one trick left in this pony given they've sold all other assets (although it seemed prudent to do so).

Given they are an investment company at heart and have not stated that they are operators I expect (IMO) for them to find another minority stake in a potential drill somewhere and raise capital to do so (this is just my guess). I for one hope they don't do this until they have FP sorted out, even if they dilute their share to something like 30%. They need capital and quick otherwise we'll languish at the lowest point possible (there's only zero left in the SP).

The auditors have made there obligatory statements re material issues of going concern - now we need action on forward plan from directors and quick as they can!!

Maddoc