It won't go belly up yet..13 Oct 2014 11:25
As IRGS has got some cash on the books to keep himself & the gang in wages till after xmas..the SP will slowly drift now till around Jan when MEO have to decide on what commitment level they will participate in phase 2..the update RNS from 8th Sept is pure wishful thinking on IRGS's behalf, talking about 20mbbls in DOUGLAS updip & the resurrection of MAUKA with2D blah, blah blah, blah blah..the reality is, it took 12 months to drill PUKA with MEO paying 80 percent whilst Darwin financed KEA's 20 percent & paid the wages whilst PUKA 2 was out of action from Jan, which incidently we were told PUKA 2 it would be fixed in Mar but they left it till July with the workovers..now all that time KEA were converting loan notes at 200k a time to pay the bills..so if you think things are going to be any better after the finals i would seriously think again, the report will only highlight the damage IRGS has caused,in his slovenly attitude to the business