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retiredyoung

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03/10/14

12:22

Post #: 14070880
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Originally posted by chillam ↑

As you know I'm positive re 77H & the Cambay resources .......

....... but I'm starting to get a little nervous about burn rates >>> and the need for another CR.

I don't have much of a feel for burn rates i.e. degree of over budget expenditure due to delays and additional costs for unplanned clean up expenses, which then flags adequacy of contingency allocations (were there any in the well costings - there should have been). This leads me, and maybe sellers, to worry about another low ball CR to shore up finances heading into the AGM where financials will be on display and open to question.

The announcement for the next AGM and the Annual Report should be received by next Friday 10/10 or Mon 13/10.

If there's no positive ann re finalisation of clean up and flow testing by next Friday, with a dwindling bank balance (?), the AGM could well turn into a platform to justify/explain the need for a CR to restore finances/liquidity to cover 1 year of corporate costs plus finalising 77H and the initiation of the next Cambay drilling campaign.

Are we already at or passed that critical level?
The Magna CR preceded last years AGM coinciding with the announcement of the AGM.

I'm not overly concerned re Ron's managerial competence and respect his cautious, measure twice cut once methodological approach.

Conclusion: The current selling could well be a precautionary move to protect capital leading into the AGM, not so much poor sentiment re 77H and Cambay.

If there's going to be another CR we might expect it before next Friday.

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Hi chillam

The AR is already available: Financial Report for Year Ended 30 June 2014

They had $7.5m cash as at 30 June 2014.

OEX Price at posting: 9.6¢ Sentiment: Hold Disclosure: Held
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Anyone for pizza?, page-7

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