DELT26 Sep 2024 15:22
Down. 40%... drill in progress
Going Concern ???
Having undertaken careful assessment, the Directors are of the view the Company will need to access additional funds within twelve months in order to fund on-going operations. It is anticipated these funds will primarily be sourced through farm downs, asset disposal, issuing new equity or a combination of these actions. The interim statements for the period to 30 June 2024 have been prepared assuming the Company will continue as a going concern. In support of this, the Directors believe the liquid nature of the UK asset market means it is likely that adequate funds can be accessed when required. However, the ability to access funds is not guaranteed. As a consequence, this funding requirement represents a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
Also
Under a deferred repayment agreement agreed with the JV, Deltic will pay £1.0 million in September 2024
Cash Flow
As at 30 June 2024, the Company held cash and cash equivalents totalling £3.7 million (31 December 2023: £5.6 million). The Company had a net cash outflow for the period of £1.8 million (1H 2023: £11.3 million).
A net cash outflow from operating activities of £1.3 million (1H 2023: £1.5 million) was incurred for general and administrative costs.
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When is that raise likely,
They failed to raise earlier, so could not pay their JV share of their best and biggest asset, so lost it ?
Will it bounce before raise, ?
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