Folks
As I said - don't simply look at what AKK release . Look at history
How may CRs have they had to develop this property . Seriously have a look at announcements over the last 4 years and see how many times the exact thing has been said.
They raise 1.65m and straight away that becomes 1.5 m after costs of 50k plus 6% on issue . That excludes the options. Minus 500k for G and A , and we all know this CR doesn't have anything for any more wells - zero !
The last raising was meant to drill and flow test these exact wells - so they are raising another 1.5m . How are they low cost . So they have gone over in costs ? If it takes you twice as long to drill and you blow another 1m on G and A then your wells truly cost 70% more.
Why the need for more seismic. Haven't they sleety indentified the sweet spot !
Do you guys realise under the math drilling arrangement they pay a rental fee whether they drill or not. This is not disclosed in their well cost numbers ... Shhh
Now lastly, have a look at how many announcements they have made in the past that got people excited that eventuated in nothing
30 day IP rates of 20000 plus now one well
16000 plus on another well
18000 plus on another well
This CR buys them 9 month salary and now they have seismic to look like they are doing something on the mon drilling months to justify salaries. This CR is to drill and complete current wells so they break even for this wells has blown out. This CR blows out share base and options base without one extra well
Gassed - are you a holder ?
AKK Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
