Fair comment once again BuyLowSellHi. Cash is running out, though up to $1.6 million remains for the JVs with RIL Australia.
UXA have farmed out their South Australian tenements for up to 10 years to Straights Resources so at least tenement expenses are no longer paid by UXA.
UXA are surveying West Myroodah in The Canning Basin, WA, but this is mainly funded by The West Australian Government. On going expense, outside UXA/RIL JVs, is at Dome 5, NSW and Yambla, NT - GAA Wireline Australia are under-taking drilling at both projects.
By year end UXA will be needing more cash, so expect the company to watch out for opportunities.
My sentiment is a buy in the short term on possible good results from Dome 5 and Yambla. If both of these fail I expect UXA to concentrate strongly on Nabarlek North, NT and GAA Wireline in The States.
UXA Price at posting:
3.5¢ Sentiment: ST Buy Disclosure: Held
