Well summarised Allbright. Those options are toast imo. SEP15 to get results from at least 1 of the proposed
4 wells earmarked? Doubt it, considering how slowly things moved along to get 77H spudded. About 18 months
-2 years to spud that one from memory, let alone the 9 months to get a result on it. You are supposed to sign up
to this recent offering, not even knowing what the asking price will be as that will be determined by the vwap
of the last 5 days of trading PRIOR to the new shares being issued. Offer closes on 12/12, new shares issued on
22/12. Results from flow test are "anticipated" to be announced prior to the offer closing. Putting a lot of faith in
those results obviously. Some may argue that it is irrelevant as 20% discount applies. Well, as we all know, that
discount usually evaporates {especially in these skittish markets} either prior to the new shares being issued
or shortly thereafter. No offer of attaching options makes the offer even less palatable. I really can't see how
they will get this SPP away if 77H results don't come in before 12/12 or are less than desirable. Even if results
are ok {I don't expect them to be on the upside of predictions}, I fail to see any incentive to take up the offer. The
SP will be back or under the 20% discount being offered before they probably hit the market. At least an offer of
options would have provided some cushion/incentive.
If 77H delivers on the upside of expectations then they will do well. Wait and see if they can first meet their
deadline of results on 77H first. Should be an interesting outcome
GLTAH
OEX Price at posting:
6.0¢ Sentiment: None Disclosure: Not Held
