there is one VERY scary comment in the PGS Qtrly. "Evaluation...

there is one VERY scary comment in the PGS Qtrly.

"Evaluation involves new project generation both locally and abroad
for potential acquisitions commensurate with the Company’s strategy for development."

What is a company with less than $4m in the bank, burning almost $1m p/a in admin, doing even considering investing "abroad"?

What's the bet they look to USA or Canada?
And how many Aust small O&G players have done there shirts over there?
the only positive one I can think of is Aurora.
But I can think of plenty of dusters like TTE, BCC, PSA, dozens more.

Why would PGS consider new acquisitions when we may well have to find cash to invest in Stage 2 of the Deeps farmin, plus find more money to fund exploration/development for the Shallows or the balance of PEL514 once the Free-carry works its way through??

That money can only come from a CR, because our equity interests have now been diluted to almost a meaningless level.

We are in PGS for its potential in the Cooper Basin.
Not to invest in foreign adventures, and their attendant risks!