RE: Update29 Sep 2023 07:36
I don’t like it !
And Fat Larry seems to have gone missing.
Just what gave they been doing with our money all this time.
Anyways, let’s see, personally as a holder I’m ok for now to wait.
From the Nites today :-
“
As a result of excellent drilling results and increased expectations around recoverable volumes and production, the Company successfully completed an oversubscribed fundraise of £4.3 million with new and existing shareholders on 15 September 2023.
As at 28 September 2023, the Group had cash resources excluding 'restricted cash' of approximately US$6.5 million.
Management's base case is that the SCHB-2 well will continue to clean-up and by the end of November 2023 production flow rates from the well will be consistent with, or exceed, the "best estimate" outlined in the Competent Persons Report ("CPR") published in December 2022.
Management have also considered a number of downside scenarios, including scenarios where the well clean-up is more protracted, the production flow rate from the well is materially below the "best estimate" outlined in the CPR, or additional activities (and expenditure) are required in order to increase flow rates.
Under the base case forecast, the Group will have sufficient financial headroom to meet forecast cash requirements for the 12 months from the date of approval of these consolidated financial statements.
However, in the downside scenarios, in the absence of any mitigating actions, the Group may have insufficient funds to meet its forecast cash requirements. Potential mitigants include deferral and/or reduction of expenditure and raising additional equity or debt funding.
Accordingly, after making enquiries and considering the risks described above, the Directors have assessed that the cash balance and forecast cash flows provide the Group with adequate headroom for the following 12 months. As a result, the Directors are of the opinion that the Group is able to operate as a going concern for at least the next twelve months from the date of approval of these financial statements.
Nonetheless, these conditions indicate the existence of a material uncertainty which may cast doubt on the Group's ability to continue as a going concern. The financial statements do not include the adjustments that would be required if the Group were unable to continue as a going concern.”
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