The Lemon Fool

My £2k entirely speculative investment a few years ago (I rarely take a deliberate gamble) is now worth only around £45. I have now been offered another 5517 shares at GBP 0.0018 under their Open Offer. The letter from ii didn't say what they were raising money for but I gather it is for their share of costs in connection with the Basur 3 oil appraisal well, again highly speculative and although it is such a piddling amount I might as well cough it up, I am not inclined to apply for any additional shares and I can't help wondering why, in view of climate change etc., they are still flogging dead horses . I don't recall seeing anything in the Press about this. Does anyone know more about this project? I gather they have already raised a large amount of money by a placing so presumably some people must still think oil is a reasonable investment. With losses on BP and Shell, I can't see the attraction myself.