"Not really even sure why they would suspend trading in Australia. "
Hey there all , Been following your posts off line for a while but felt it time to join when someone posts a statement like the above .
Have u not thought that the company could be trading while in solvent ? and the lack of result at W.E which not only cost them huge money proved up nothing in the drill plus the potential loss of another 1.2 mill in bonds .
There must be a reason they have started to post their financial position in recent asx releases .
The reality is they have bucket loads of debt which is also adding to the pressure when they have to pay 16% interest rates and a jack up rig that is not working costing a minimum of 70k a day plus storage fees .No need to mention the C.I.R.I issues which could cost them a big percentage of previous income and a rather large percentage of forward income as well . The things a mess and only those trading the pink sheets now have the opportunity to sell and that doesn't look pretty either . Wonder if they have paid the lawyers up front for all the different law suites they face ? If they can't pay the lawyers then they can't contest the law suites so the other side wins .
Make no mistake this company is a big fat mess , always has been and if they do somehow survive which I can't see then it will be nothing but a shell with squillions of shares on issue .
bye for now .
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