COMMENTS RE RNS20 Feb 2020 09:52
Summary of estimated cash position:-
$
New CLF 10,500,000
Old CLN 13,300,000
OO 11,400,000
MF 900,000
CASH(est) 3,000,000
SUBTOTAL 39,100,000
MARCH MF 1,400,000
TOTAL 40,500,000
N.B. The projected financial plan assumes up to 90 days for drilling which is covered by the above.
Anecdotal evidence from the Company has indicated that drilling may well take a lot less time - possibly< 60 days
due to enhanced drill techniques and MPD enhancement. Therefore it is reasonable to assume costs can be cut significantly.
E.G. If the new max (90day) cost evaluation = $30 mill , then by definition barring unforeseen, the cost may well be nearer $20 mill.
N.B. Last line of RNS re working capital: "working capital for at least next 12 months." This may be taken as a good sign that CLN criteria has near as damn it been met. Ergo CLN is pretty much assured as well.
The fact that they are drawing down on this new facility in payment for real procurement again evidences all systems go.
They are covering all contingencies with this new initiative to ensure Perseverance 1 has no pullbacks.
This is unequivocally a well thought out strategy all round and IMO will force the MAJORS' hand if they need a push.
SP @ 4p tough to break through as double for many newbies and probably close to break even for some long suffering LTHs.
However IMO I suspect next 31 hours will see sustained buying from large investors ho were waiting for concrete (sorry) drill news and also those.... wait for it......don't want to be out over the w/e.
Great timing by Simon and Eytan. Oh and BTW BPC was not scheduled to present at tonight's Proactive do - they booked in very recently!!!!!!
More thoughts later.
Good luck all.
Cheers.
IK.
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