support for bronze11, page-107

gassed...

"Dmasive. People must also keep in mind that when most (all?) of the terms of those loans were being finalized, it wasn't until September 2103 that they finally announced a 1P in A4 and that was only for C17's 6 feet!"

They may have announced it then, but I respectfully suggest the information was available to the Company before this...and the significant flows from C17 were well known in any event long before this.

"The rest of it was "unproven" and basically still in the "contingent" class until 21 November 2013 when they announced the 2.3 MMBO 2P for A4, excluding C18 and C19."

Again...we waited months and months for this...so how do you know the release of this information was not delayed for corporate reasons?


"And Atzam4 was (is) still very suss geologically and could have crashed completely, if they had not nursed it the way that they have!!"

This is a complete guess from you...they have expert advice from an independent external consultant, that the well can produce at significantly higher rates. They have ~350,000 barrels recoverable (RF30%), from this one zone...and as confirmed from the recent drilling of AT#5, a significant footprint...which more or less confirms the experts initial advice.

Who made the call to ignore this advice, and what were their qualifications?

The fear is the flow has been delayed to the benefit of those receiving cheap shares...as the income from higher flow rates may well have negated the need for funding at all!

"Try to get big money loans from anyone other than SI punters with that "collateral"!!

But they didn't...they went straight to their associates, and Range (also associated).


"CR could never have gotten cash to pay RRS and really had no choice but to use CTR shares on the lenders terms!!"

They raised $6m from SI's with little effort (it was oversubscribed and by memory expanded from initial plans)...so suggesting they could not raise funds is clearly false.

"The shares they issued to RRS were on 21 October 2013 to fully pay off the money owing and the big $6 million was on 20 August 2013 to extend the storage facility at A4 and to drill A5 and they were at 2 cents!!""

So...where did the $6m go?

And where did all the money go from the placements prior to this?

And what about the placements after this?

CTR even gave away 10% of their position in LAR...AND their right to increase their position in LAR by another 10% to "settle" the debt...yet still issued RRS 20% of the Company for a pittance.

RRS Paid $2m for 10% of Lar...at the very same time CTR gave away 10% of LAR as part settlement of loans from RRS...it appears CTR effectively gave RRS 10% in LAR, but RRS actually paid LAR for it?

I am so confused given all the cups spinning around on the table...which one has the red ball under it?

If so...how does that work?

Do you really think this was a good result?

And...why did they borrow money from RRS at all...what is the relationship...given RRS's position at the time, what approvals process was followed by us and them?

"All options have been issued with an exercise price of 4 cents!!

Current S.P. 1.4 cents!!"

Yes, but they are freely trading and millions have traded in the period...so they have likely been sold for an additional few pips on their average.

"The latest issue of shares was on 7 April 2014 to settle in full the $450,000 still owing for the earlier than August 2013 loan for that vital working capital before they got that $6 million."

This is just silly..."vital working capital"

I believe it was actually $1m...but this turned into $750k somehow...I suspect funded from stock fed into the market, but came up short so the loan ended up "what ever they could pull together".

The $450k loan was the remains that CTR decided not to pay back...in spite of a producing well and sufficient cash (see the quarterly at the time)...for which they issued the lenders free options for an "interest free loan".

"It was converted to ordinary shares at the election of the Lender under the terms and conditions of the loan agreement"."

The conditions did not appear from nowhere...the Company were a party to the conditions.

"The company is completely debt free!!"

So why keep issuing shares?

"Gee, unless "someone" has got "something" that IS incriminating, I wouldn't want to be holding my breath for a satisfactory outcome on trying to prove that this mob is a rogues gallery."

Simple proof...our ownership of LAR fell since the success of AT#4, we also gave away our right to increase our ownership by 10%...AND IN THIS PERIOD THE REGISTER HAS MORE THAN TRIPLED AND THE SHARE PRICE FALLEN TO LESS THAN A THIRD OF ITS PRICE.

Most would say this is clear evidence, at the very least, of incompetence...others may suggest it is evidence pointing to something else...

You say if AT#5 is successful and yet they choose to raise funds now you will be all over them...lol

Where we are no is not much different to the period during the drilling of AT#4...

Let me ask you...what if AT#5 is a success...just like AT#4 was a screaming success...and yet they decide to restrict production to 150bbls/d to "protect well intergrity"...or maybe..."whilst they increase storage capacity"...in spite of expert advice the well should be flowed at 466bbls/d?

And...then they go on a placement confetti run sending the stock down from 1.4c to 0.4c and tripling the register to over 4 billion shares...well, this is effectively the same impact their activity had on the results of AT#4.

Cheers!