Below is an extract of the Annual Report page 39 ...
".....While the Company has a demonstrable track record of raising funds which historically has been strongly supported by its directors and major shareholders the ability of the Company and the consolidated entity to continue as going concerns for the coming year is dependent on one or more of the following:-
(i) the Company’s ability to raise additional equity capital;
(ii) the Company’s ability to secure additional debt funding if required;
(iii) the Company’s ability to realise its interests in oil and gas leases or secure farm-out arrangements for the consolidated entity’s oil and gas leases if required; (iv) the successful resolution of the legal proceedings in relation to the disputed amounts with certain suppliers involved with the drilling of the SMI 6 wells; and
(v) the successful refinance or extension of the current loan facility of $US 2.5m that expires on 1 July 2015...... "
Responses regarding Capital Raisings are noted ...
What are your thoughts on point iv) above ... the first notice of any legal issue relating to SM6 drilling seemed to emerge in the Annual Report ??... This issue involves the payment of approx $4 mil in bills ... reading through the detail BYE look to be set on a path of legal recovery that exceeds this sum ... Why would something so serious not be tabled before now ?
BYE Price at posting:
66.0¢ Sentiment: None Disclosure: Not Held
