Oh dear!Sadly we have run out of money. We never really got the...

Oh dear!

Sadly we have run out of money. We never really got the 5MW to work. (It was supposed to be operating from January 2011.) There was no commercial production, only some kind of technical test.

Sadly the glittering prizes of Turkey, India, etc. have quietly slipped away. While Chile is the opportunity to spend more money on unproven technology.

Somewhere, just over the horizon is the wonderful wizard of new foreign opportunities ("Trust us").

We will get more money by selling off our back-yard (existing exploratory permits coal EPC). Pity nobody wants them. They are 200m - too deep - and the coal is fractured stranded assets, as per several annual reports.

However, at is important to have money to pay executive salaries, the message to those who work at Bloodwood Creek is - you are fired.

This is just a repeat of a well trodden path of executive trough-feeding. When the money runs out, start again somewhere else.

The next thing is the Quarterly Financial Statement due about 28 April. We expect to see in that report that CNX is living on borrowed money waiting for a benefactor from overseas. How long can that cash last? - this is at the mercy of Pacific Road shareholders - not CNX shareholders.

CNX is on final stages of life support. Sadly it seems 30 June will probably be the end of it. Very sad. But predictable.