Ann: Arrow Awarded Licence for Surat Gladstone Pi, page-12

re: Ann: Arrow Awarded Licence for Surat Glad... EL, yes agree that they are trying to limit equity raised via AOE share issues. My gripe is they left too much uncertainty in the air a few weeks back and only now are trying to explain bits of their funding strategy. IMO the best strategy is - upgrade reserves, talk about spinning off AOEI, announce pipeline license, then announce FID and at the same time announce the definite funding plan.

If they planned it right they should have been able to get away with a 1 for 10 @ $4 to raise say $300m. Now it might need to be say 2 for 15 @ $3.10 to raise $300.

Anyway in the longer term its all academic