Ann: Rights issue- letter to ineligible shareholders-OIL.AX, page-6

hello goonguwe,

Yes, I think I'm leaning your way re taking up an entitlement.

There has recently been:
# the placement to the "sophisticated shareholders"
# the chairman converted his $600,000 loan into 24 million 2.5cent shares (subject to AGM approval).
# Life Sciences P/L have come on board again as underwriters despite being out of pocket on their previous underwriting. They were obliged to take up the shortfall in July 2015 of 5,273,419 shares at 5 cent per share. No doubt they must have good vibes for the company in order to underwrite again 12 months later.
# Wink posted earlier telling us of a positive feedback when he made contact with OIL's management last month.

Taking these factors into consideration makes me inclined to subscribe for my entitlement. This will cost just under $1,000. So in my case there's not too much at stake.

As has been posted here previously, perhaps a cautionary approach might be to watch and wait and if there is confidence shown from the market and OIL gains some momentum, then perhaps it might be the time to act.

All the best to those who hold.

MM