posted on
May 02, 2012 01:41AM

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Message: Re: ES
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It is interesting that testing can take weeks. According to the last CGX financials as of Dec 2011 (86 mil in the bank), and what they had spent on Eagle Shallow up to April 16th (57 mil) with a burn rate of about $500k/day, they probably have only about $20mil left in the bank. That means they do not have a lot of weeks left of having an expensive rig in place. They definitely do not have enough cash for another hole or even part of a hole. They barely have enough cash to do any more 3D seismic as it seems to cost about $14mil each time they do it. So, something will have to give one way or another. I sure hope it will be a halt followed by positive news later this week or early next week. That would be very nice...
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