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QFY 2.1¢

When you're out of money keep pulling $380K in cash salary

  1. Monsview

    24 Posts.

    So the quarterly report paints a grim picture. WHL Energy was saved by lower exploration expenditure in the Seychelles giving it another three months to live (but with two months to go)

    Let's look at the quarterly: Firstly the LaBella farming out stuff is dead and there is no way TAP would go forward in the current oil price environment. A decision by the TAP CEO to go ahead would be as bad as Tony Abbott knighting Prince Phillip. Thus, assuming TAP pay up (and I'm sue they'll look to wiggle out of it) WHL Energy will get US $2.95 million and simple maths and exchange rates show that all of this will go to paying back Argonaut loans.

    WHL Energy will not be given a lifeline again by lower exploration so it would be best to assume that Ophir will spend all the restricted funds and plus some totaling 1.066 mill as noted in the quarterly.

    The rest ($444,000) is on admin and thus taking planned spend from cash leaves WHL with $287,000 cash by 31 March. That's close the door stuff when the Board need to consider ongoing insurances, office lease and staff obligations. Make no doubt the Directors would now be seriously thinking about insolvent trading right now or maybe ASIC

    WHL Energy will be no more without some funding deal and at a pre consolidation low of 0.0023 (did I get enough zeros in there?) there is not much hope from the equity markets. And the assets have been shunned by the industry so who in their right mind would give money to a company with a large obligation in Vic-P-67

    But here is the the kicker, with all this failure, DR being the only executive director pulled $95,000 cash out during the quarter - not a bad salary heh given its only for 3 months.

    If you have not sold your stock now you are surely dumb

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