If the company can't secure the $40 million it needs to fix its oil wells it will collapse. If it does raise the money, it is expected to become one of Australia's largest oil producers, earning more than $180 million a year.
Managing director Brian Hockney said it would be a nail-biting couple of months.
If we don't get we have had it
"If we do you are going to see a significant recovery -- we would be the best buy in the market. It's going to be one way or the other fairly soon."
Mr Hockney said he was "very confident" the company would survive.
London and a major global bank and oil industry companies are looking directly at us," he said.
The reserves have been certified at a satisfactory rate. We know the assets are there; we just have to get it out."
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