TSXV:ART.H - Post by User
Comment by
tradeadayon Aug 16, 2011 11:27am
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Post# 18947321
RE: conference call
RE: conference callCall just ended. Here's a quick recap
1. Expect to be working capital positive by end of October, so the full 9 million is not expected to be used up for the current drill.
2. Financing for the 2nd well is expected to be done by end of this year. They seemed confident that Vast would continue as a going concern even if the current well comes up dry, as there is a lot of 3rd-party interest in the Kurdistan blocks these days
3. Horizontal drilling into the Aaliji would be considered as part of overall block development, but not at this time.
4. No immediate plans to merge LFD and VST, but Ahmed Said said it would make sense going forward, given they are both small companies.
5. Drilling into the Kometan is expected to commence within 48 hours, and they would know if they have oil shows within a couple of weeks. Testing would take another 7-10 days. They seemed confident that they would not have another twist-off
6. Jay Garner was on the call, but did not speak. Most questions were answered by Ahmed Said, with a some side comments from the new CEO.
One participant asked how the 9 million valuation was achieved. A.Said answered that he thought it was worth a lot more but given the current situation, they weren't in a great position to negotiate.