For anyone who is interested, herewith is the Auditor's opinion included in their last Annual Report:
""Opinion
In our opinion:
(a) the financial report of Elk Petroleum Limited is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2014 and of its
performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.
Emphasis of matter
Without modifying our conclusion, we draw attention to Note 1 in the financial report, which indicates that the ability of the consolidated entity to continue as a going concern is dependent upon the future successful development of its Grieve oil project, either through a corporate transaction, raising capital or the sale of assets.
These conditions, along with other matters as set out in Note 1, indicate the existence of a material uncertainty that may cast significant doubt about the consolidated entity’s ability to continue as a going concern and therefore, the consolidated entity may be unable to realise its assets and discharge its liabilities in the normal course of business.""
End of quotation.
Now, take full notice of what is written in the bottom paragraph of that Auditor's Statement/Opinion, and where/how he qualifies it..
But...here we are. We are the knights with the white armour on our steeds, to get them out of the quagmire. Or so we hope....
Cheers and good luck. I think that, IMHO if we are to go ahead with this Takeover/Merger, we will need all the luck we can get.
