Ann: RAW: Disclosure Doc.Issue Shares on Exercise Option, page-8

I sit on both sides of this deal: LKO for many years and RAW more recently (as well as many other small O&G asx listed companIes). Not fair that the RAW upside, with things happening in the SA Otway and accumulation of permits in PNG, merging with the long time zombie LKO. So much for spreading the risk. This deal stinks for RAW, but great for LKO, hopefully it turns out for a winner. Come on LKO get on to things and make it happen.

We might see more of these types of deals for the O&G minows. The zombies need something to happen, O&G is a little on the nose here, so capital raises are going to prove challenging. Still upside to be had, but need activity. Gone are the days of getting a share price rise on the back of a well worded release.