Staying on the fence1 Mar 2024 12:38
Whilst everything talked about by ZPHR sounds like good progress is being made, it's the things not mentioned that interests me more at the moment, hence I'm staying firmly on the fence for now.
In the H1 report published 29.09.2023 they spoke of Cash and Cash Equivalents of $6.2m which had dropped to $3.5m as at 5.09.2023. Their Admin alone runs at $3m per H ($0.5m pcm).
18.10.2023 they committed $600k cash to the Salt Wash Field.
1.11.2023 they confirmed the RCF was maxed out at $13m and they had further loans of $11.7m but failed to mention the $8m bridging loan (which 'owns' the Slawson Wells and has a 12% interest rate and 1% royalty rate to the mystery family office).
In short, they may keep re-iterating that the 36-2R is fully funded by insurance but there's been no mention of their bank balance for 5 months now and that's a concern.