I agree Litbx2, CGX is in deep chit the way I see it, if as of today they are -20 mil, what does that really mean, can salaries, leases, etc be paid, is the bank account dry, or is this deffered debt comming due in 30,60,90 days??

Management has left shareholder's twisting in the wind with the last NR with no clarity about the current financial position other than they went 20 mil over budget.

One thing is clear, management has shown gross incompetance, they knew how much money they had to work with, they knew Inpex's Atakanti well which was spudded 50 k's away from ES went way over budget so it was possible for ES to do the same. Instead they blew money leasing waterfront property and build a warf and then rushed out in December and ordered a seismic study which cost what 10 - 15 mil, and then they throw Hermston under the bus making it look like his fault, well who who hired Hermston?.

At this SP a PP for 20 Mil would require about 65 mil share dilution or more depending on the discount, but if they are broke they would need more than 20 Mil to keep the company going, and would they be able to fully subscribe @ PP in this market ?.

Success at Jaguar, a partnership or buy out seem to be the only options.

The only bright side I can see is that the Net Asset Value of the company should be around 200 mil, since a PPl seems to be worth around 50 mil and the seismic work done and with the studies and data they have even a fire sale should be worth around .50 to .60 a share I think (hope).

Maybe I have this all wrong and CGX has a contingency plan and this will work out, I hope so. All JMO.