The thing I'm struggling with is they have the cash in the bank to get drilling up and running with or without a partner (for Toenda 1). I understand farm in partners spread the risk...but they have the cash AND they have 100mil options on the go at the moment too that are going to expire this time next year. To me this says 12 months to get things moving and the projects and subsequent drilling will almost fund themselves. $12mil could go a long way so if they want to manage risk then drill an of holes! Simple. I'd rather see them run out of cash having a go and tapping shareholders on the shoulder for more capital than paying out expensive salaries without a sod of earth being turned.
JT
OIP Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
