Ann: Rights Issue Closes Oversubscribed and Additional Placement, page-12

Positives

• Raised funds will be used to grow the production in Canada, including new well and facility upgrades.

• Existing production is cash flow positive.
• New well provides the blue sky.
• WBE is targeting the production to double in the next 12 months.
• WBE had $1.05m at the end of June.
• The enterprise value is $2.17m at 0.003 SP
• Directors took part in the raise

Negatives

• High management incentives
• Illiquid
• Under the radar

IMO WBE is a solid  Risk/ Reward play at this level and its one of the cheapest oil producers on ASX .

I took a little position in shortfall .

DYOR

GLTAL