OH DEAR - BIG RED FLAG1 Oct 2020 09:16
Most important part of the RNS is at the bottom.
The warning, that if they cannot meet the conditions of the CLN's they dont have the money to drill the well.
..........In circumstances where the convertible loan note financing instruments are not available (for example, where the conditions precedent set out in the subscription agreement for the Conditional Convertible Notes are not satisfied (or waived by the subscribers)), the Company may not have sufficient cash to complete the drilling of the Perseverance #1 well, which, in turn, puts the Company at risk of not meeting its licence obligations. In such circumstances the Company would look to secure funding by way of alternative sources. There can be no assurance, however, that the Company would be successful in securing any such alternative funding. Excluding any costs relating to the Perseverance #1 well, the Company currently has sufficient cash available to meet general working capital needs for at least the next 12 months . .......