The trading halt is requested pending an announcement by the company relating to a material transaction, farm down CMP?
Tellus have struggled to find any market support with ongoing delays and multiple cap raisings plus high cash burn - not sure what they're spending all their money on. At least some cost cutting this week with CMP cost saving and director exit.
from announcement 17th Dec
The Company plans to farm down its acquired interest, receiving a cash injection therefrom, and has been negotiating to that end with a number of interested parties both locally and in the US, with very favourable responses to date. Commenting on the farmin to the Covenant Mondo Project, the Company’s Managing Director Carl Dorsch said “ The CMP is one of the most outstanding that I have come across in more than 30 years in the oil business and whilst there are risks as in any exploration project, the upside potential that exists presents a rare opportunity for a company of our size.
Hopefully enough cash incoming to last through Senex free carry next qtr plus first CMP drill.
TLU Price at posting:
4.1¢ Sentiment: None Disclosure: Held
