Maybe for a lease or an company holding leases of strategic value (probably not ITC). In this part of the cycle wise to acquire prospective property while oil/hydrocarbon prices are low. Would not some (not all) being spent on more geophysics on the larger SA leases to increase their value.
But I don't know, at first I was a little disappointed with the capital raising, as other people have said "OH NO not another one", but at least this time it is set a reasonable price, not heavily discounted, and the market is ripe with opportunities so the application of funds should be well spent (Hopefully)
There is a different dynamic within the company since the stepping down of K, heading into low mid-tier status for an oil company. I have been a shareholder for a long long while, so fingers crossed, just don;t seem to be able to let go of this one.
VPE Price at posting:
38.5¢ Sentiment: LT Buy Disclosure: Held
