Awright, there's no mention in the explanatory notice of the...

Awright, there's no mention in the explanatory notice of the funds being potentially for an acquisition, only "additional working capital".

If they were viewing the funds as being for a potential acquisition then they would be required to state that in the explanatory memorandum.

Besides Tanzania, the only other remotely plausible reason I can come up with based on available information is that they are worried about possible cost overruns on the UK assets workover. But up to $7.5m? I can't see it being that.

Their presentation at The Good Oil Conference indicated that they expected to have about $6m in cash following the capital raising and UK asset purchase. The Capital Raising Presentation indicated expected cost of the total workover in the region of $4.5m so that still leaves them with $1.5m in the bank plus income from the UK assets.

I had wondered last night about what impact the exchange rate might be having so I checked the pound vs A$ and it's largely moved sideways for the last month or thereabouts.