In last Interim results for 6 months ended 30 June 2015, it stated ' The Group posted a loss of USD 1.74 million for the six-month period ended 30 June 2015. The Company's cash balance at 30 June 2015 was $2.51 million' At this rate, at the end of the year the cash will be very low, if it gets a futher $1.7 million from BG/SHELL, at the end of June of 2016 cash will be running out. What will happen then? placing, or loan? will it affect the planned drill next summer???
According to their reported timelIne: They will have already kicked off the "airborne full tensor gradiometry data acquisition and processing" project covering 11,000km of blocks IV and V (first time that tech has been used in Yak country).
By now, they'll have also green-lighted Khet Co., for the acquisition of ca. 2000 kilometres of 2D seismic in Blocks IV and V.
Both of those combined should nicely fill in some gaps and help pin point their next play (a couple of small drills).
Buuuuut I have to admit, Winter is only a couple months away, so i'm not sure how much more they can get done (I doubt they are going to rush analysis of all that data and throw down extra cash for a winterised rig and crew. They'll look to drill early next year with a clearer picture. Just my two cents). Thoughts?
Oh, also saw this story about Rio's success in Mongolia (despite teething problems) from the web, was a good read:
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