I spoke to Chris Blamey this morning...I always got straighter answers from Chris than from JT...Chris would not be drawn on the decision of JT and son to step down.
The company has reduced from 7 executives to 3 full-time executives and 2 part-time non-executives...so a better management of HQ costs.
Revenues are flowing from Roma and the issue of convertible notes leaves the company very well funded.
In order to manage debt repayment levels the company is going to return $1m of convertible note applications to subscribers in favour of an equity issue which is due in 3 weeks.
If this is going to be successful then it will have to be accompanied by a positive profile on the Overston and Tardrum discoveries...otherwise why bother?
I was advised that the company saw production flowing from their discoveries in approx 6 months.
Interesting times ahead!
I spoke to Chris Blamey this morning...I always got straighter...
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