CONCERN Here is .."Will They Lose That Oil Block ExplorationKeep in mind...and continue to remind yourselves....they only had as reported Sept 25th news release of $1.7mm cash available then...They are required to spend $4mm(US) for the initial earn-In..by end of this year December 2023...If they cant close in full this $10mm placement...this could.., possibly place them in a position to lose that oil block in its entirety...without that seismic results. Also, you still dont know status of those SASB 3 problem wells, and whether they are brought back into production, and whether the other 3 producing wells are still flowing as expected..Art (CEO) has really done a job in his constant rhetoric on how successful he has been as he had promised...to the shareholders,..now he is no-where to be seen, and it appears he has drove this company to the ground and close to Bankruptcy.
CEO, will not allow the current Bank Account cash to dwindle away, and will ensure funds are always there first and foremost to pay salaries to them all..and will sacrifice that OIL-Farm-In...if funds are not available thru that placement...These are facts and everyone should keep these events in mind as to whether CEO can delivery on this plan....Next, thats another story...they will need another $9mm (US) for that oil exploration block and another $26mm(US) for those addition SASB gas well drilling next year 2024...If one is to consider What is a Reasonable and Acceptable risk in Buying today at these current prices...one has to consider all problematic events, both financially and with its developement assets ...Just My Opinion..CEO should resign..he is an embarrassment to the industry..