Talks still on over seafloor system


NAUTILUS says discussions between the company and various parties involved in the manufacture of the seafloor production system is continuing.
Nautilus in a statement said it was making progress with respect to deferring some of its immediate cash-flow requirements.
And as a result, the company is updating its previous reference to a funding requirement of US$10 mil (K31.45mil).
Nautilus said there could be no assurances that the company would be successful in securing the necessary additional financing transactions within the required time or at all.
Failure to secure the necessary financing may result in the company engaging specialist advisers and taking various steps aimed at maximising shareholder value such as undertaking various transactions including, without limitation, asset sales, joint ventures and capital restructuring.