Talk around Friday was a cap raising of A$6m at 10c. It will be interesting to see if:
1) price has been adjusted down given they have had atleast two trading days to raise the $$ and still suspended; 2) whether shareholders vote through the second tranche (at 10c) given it is well over the 15% capacity! 3) where the capital will be deployed.
I recall 5k acres in the Mississippi Lime formation. One well costs about US$2.5m to drill (not including US$1.3m on a water disposal well). On those calc and current cash posi they wone be drilling more than one well without tapping the market...AGAIN!
AOK Price at posting:
9.9¢ Sentiment: ST Sell Disclosure: Not Held
