Completely agree Latino, Blaisse absolute obsession with drilling Phase 2 in 2023 has virtually Fked this company.
As an exploration company purchasing your own rig is absolutely brainless.
If no commercial discovery they are stuck with a rig which they will then have to sell.
Should have continued to try a source a third party rig even if that meant drilling TAI3 in Jan 2024 instead of 2023.
Worth noting the Marriott 16 rig is presently sat idle,stacked a stones throw away at Mbelele
Have pretty much zero skin in the game. They couldnt give 2 Fs about shareholders.
Their priorities are exploring and drawing a salary. When the money runs out they will all move on.
A contrast to NH where the CEO and BOD have plenty of skin in the company.
Ezzza you do realise these are production numbers not sales numbers.
Get it right they are cashed up for a well and a few months working capital thats if they dont have any drilling issues.
If they do they are Fd
Agree the Mkt Cap is a litle crazy however imho theres still a large seller and shorters in this narket.
£33M Margin per annum against a MKT Cap of £39M @ $256 M Met Coal B
Thats a Margin of $42M per Annum
Ben are breakeven at $205 earning $50 a ton @ $256
At full production thats $3.5M per month
Joe80 The CEO complete fk the company with her obsessive need to drill phase 2 in 2023.
They should have continued in trying to secure a rig.
Her obsession and rig failures has pretty much left the company on a knife edge.
Worth noting the Marriott 16 Rig is presently stacked a stones throw away from TAI3
Oilinsider they pretty much blew all the September Itumbula raise on TAI3
£13.3 Million was blown on working capital and the TAI3 drill.
Company certainly need to be honest with shareholders and come clean on the significant overspend