Question about the 11/2017 CR, page-7

You've got to remember also that at the time, the board had fart arsed around for a few years, diverting funds and focus away from the galilee basin (which had a negative outlook itself) to projects overseas that ended up being expensive, pointless activities.

It was only subsequent to this that they came back to the galilee basin to test the lateral well theory, which was found to yield significant performance improvements vs vertical wells that were completely uneconomic (so far as I can tell).

So how does a multi-year dog with next to no prospects raise $5m to fund a significant pilot program that will enable them to move contingent resources into reserves and thereby hopefully re-rate (make) the company? By offering a significant discount. A necessary evil if they were to pull themselves out of their existing position imo.

The fact that the share price has flourished since 15c, where 20% of SOI were placed and the now Chairman, Raymond Sharrocks, made numerous on-market purchases, tells me that regardless of whether the placement holders are or aren’t flipping their shares for short-term gains, there are insiders of one form or another that don’t appear to be able to get their hands on enough stock. This won’t last forever and probably not much longer before we see some distribution (imo) while we wait for pilot progress/results, but I still strongly get the feeling that someone is getting set for a more substantial play here. Small players like most of us just don’t have the ability to push the price with volume like what has been happening recently, particularly when you consider that there really isn’t even much hype out there around GLL yet.

Anyway, I personally wouldn't be too stressed about what the terms of the placement were. Nearly all dogs in the spec world get rooted imo.