With ~40 million in the bank now, and ~40 million estimated spend this quarter (it is usually more) there is no cash come Q1 next year.
On a duster the 52 week lows will be tested by years end - make no mistake about it.
Also, with a current MC of 1/3 billion now, how can a share price of 30 cents or a MC of 1 billion be justified? - there is very limited upside here especially with falling oil prices.
There will need to be another CR in Q1 next year at the latest - no wonder they raised so much cash when it spiked on the P&D.
This really looks like another MEO.
Validating MC - 1/3 and 1 billion
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