Gassed, the issue with the funding question is that the answer is very dependent on the flow rates (of oil, not gas) from the 3 wells they've drilled - and its not a binary question:
It is a pretty safe assumption that companies tend to report good news quickly and tend to delay bad news. Therefore, its not encouraging that they haven't published the 30 day IP rate for Magellan, and the longer it goes that they can't complete Columbus or Marco Polo because of gas over-pressure the more discouraging it gets that they will be oil producers.
Therefore, the longer time goes on without results (implying the results will not be as good as expected), the lower the probability that they will be able to secure funding and therefore a viable future.
Cheers, Sharks.
AKK Price at posting:
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