Post by
EOIM on Oct 09, 2011 12:00am
From Most Recent SEDAR MD&A
I just read in details the most recent SEDAR filed MD&A and the company stated loud and clear the following:
- It had negative working capital of $24 million as at June 30 (which is likely higher today)
- It is actively seeking dilutive financing or farm-out agreement to proceed
The first one is basicaly an indication of BANKRUPCY..............When a company is in default to such an extent, it is basically BROKE and leaving on life support.
The second one is an indication of massive dilution to come or major reduction in equity stake in the property.
The whole thing is simply messy right now and too risky. Management had spent 5 years on this. Any experienced management would had gone further ahead indrilling ths bloody shallow well. One of the shallowest in Iraq.
Comment by
Kurd30 on Oct 09, 2011 1:35am
Aren't you the same guy who posted about a week ago or so that you thought the bottom was in and that you had started re-entering lfd??