Post by
Oregonduck on May 20, 2023 12:45am
Dead Stock
Reco new year-end is March 31. The Co must submit audited financials no later than July 31 (4 months after year-end). The results are expected to be brutal with the Co in a deep shithole due to the cash crunch.
"...The Company has applied for drilling permits for six Damara locations, which are subject to further refinement once final data acquisition and interpretation are completed by July 2023. Subject to permitting, the Company expects to drill the first Damara Fold Belt location shortly thereafter."
The Co said the next well could begin after July, August or September. There is a reason for the timing delay as the Co will likely file or be petitioned into bankruptcy proceedings. The stock price is saying the Co is going belly up in a few short months.
Comment by
pacer001 on May 20, 2023 2:11pm
Mr. Duck I don't think this outfit even has "a few short months". I think it is dead now and as they say on Wall Street for situations like this a "zombie company"!