Ann: $5m Placement to Advance Windorah Gas Project, page-48

Seems to me listening to this Soundcloud interview that the big winners in this arrangement are ironically the OA holders. To get 3 additional months shelf life on these options effectively brings them much closer in value to the OBs because a great deal of the news flow (reserves, sales, possible farm in) will likely be known by then. And then as a bonus, they are 2c cheaper to exercise. I dont mind as i have similar levels of OAs, OBs and heads.

Its also great for the company and all holders because an extra $5M in the kitty should ensure that this was the last CR. It would leave them with about $12M in cash and in an excellent position to negotiate with the big boys in the Cooper Basin.

I think this raise will be but a brief blip on the journey of RLE forgotten by all holders by mid year.