decision time

After a fairly disastrous sell down due to unexpected placement to sophisticated investors and the compromise to existing shareholders of a SPP,some unhappy/very strange shareholder selling has taken the price below the SPP of 2.2c. Normally this would have been snapped up by long term investors with small shareholders missing out on lowering their entry point.

If we reflect.
1.This capital raising is about 10% of stock on issue.
2. We still have a two hole program
3. the geology has not changed.
4. Holes have always been said to be low risk,lots of coal seems to be investigated.
5.we should see start of drilling THIS week

If the SPP is not supported by traders and goes in bulk it will remove some upside winds.

Conclusion. Expectations of a 10c price post two hole has been lowered and now a spike to 5-7 would not surprise. Directors would appear handicapped due to unforeseen weather and location difficulties,but cooperation of local partners could not be better.Gas price of $10 per unit augers well for any development program.This pricr is expected to go up rather than down in the future.