has to find 35 million euro in two years, page-17

Let's again look at the cashflow statement for the quarter -

Sept (inc. Gazonor) - sales 1.1m euro, production cost 1.1m euro, net 0.0m euro

Note also that they burnt through 5.4m euro this quarter and have only 3.4m euro left in the bank. They will need to raise capital in the next couple of months (virtually impossible I'm guessing), not in two years. Only possibly good (for the share price) explanation would be that they have some very slow paying debtors. Although I'm not selling (probably stupidly), I wouldn't be surprised to see the share price under 10c before the end of the year.

Haven't received a response from the company despite a couple of attempts to understand the production costs. While I like the assets and the development prospects, not sure about the management.

Previous post below...
Interested to hear opinions on the Quarterlies:
December - no cash payments for production, no receipts (as expected)

March (inc. Gazonor) - sales 2.5m euro, production cost 625k euro, net 1.9m euro (still negative operating cash flow though due to other items)

June (inc. Gazonor) - sales 1.4m euro, production cost 1.3m euro, net 0.1m euro

Understand that sales are down due to weather (from previous post) but why has production cost doubled? I note that other cash flows remain similar.

This is a big concern - I don't want them spending my money without good reason!