OTCPK:ATGYF - Post by User
Post by
commoditiesbullon Mar 30, 2009 7:57pm
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Post# 15882946
No North Sea Production Until 2011
No North Sea Production Until 2011"As a result, our target of obtaining first production from Causeway will beextended to 2011, subject to favourable commodity and financial marketconditions."
https://ir.antrimenergyir.com/ReleaseDetail.cfm?ReleaseID=373958
Market will not like that news one bit. I suppose that this target is subject to change but another year-away means having to draw G&A costs without management really doing anything to earn their keep for 2009 or 2010. With only $35M as of Dec 31, AEN does not have sufficient cash at current burn rates to go through to 2011 without raising funds or selling assets. I would expect AEN, or parts thereof, to be sold before any production is internally generated. Unfortunately, AEN will also not be expanding their reserves during the next two years as they do not have the funds to drill any new prospects.
At best, AEN appears to be dead money absent M&A, which fortunately, is likely to occur.