RE: Issue12 Dec 2023 16:12
5th Dec RNS
“ Funding update
Having successfully moved the rig to Itumbula and, following the identification of the new Itumbula well, completed the new well pad civils work in readiness for drilling, the Company has undertaken a full cost analysis and budgeting exercise in order to ensure that, once spudded, the Itumbula well can be successfully drilled as planned. In undertaking this costing exercise the Company has been cognisant of the contingency funding that may be required given the significant additional costs and time delays encountered during the drilling of Tai-3.
Having completed the costing exercise, the Company has identified a need for additional funds before Itumbula can be drilled. In addition, the Company is in receipt of a number of unsolicited approaches from potential investors and, in light of the findings of the costing exercise, is advancing these discussions while also assessing other financing options. The Company is confident of securing the additional funding in the near future so as to realise the cost synergies of avoiding a delay to the drilling of Itumbula and will provide an update in due course.”
Why on earth did they include this ? They must of known that it would trash the sp before the AGM ! We all knew they would include a provision for a placement in the agenda - they could have left it at that ! No need for those two paragraphs before the AGM .
They have not told us about the licenses at Eyasi - not told us about the agreement with TZ govt regarding Eyasi - not told us about setting up another company so why couldn’t they have not told us about running out of money before drilling Itumbula !
UNLESS
They deliberately want to bankrupt us - start afresh with a nice refurbished drill acquired from the creditors . Without a drill their agreement with the TZ govt is worthless .
All the new BOD appointments are O&G people .
The silence is deafening- they have made no effort to reassure us that everything is ok & on track .
What a bunch of c**** they are !
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