Hi all Overseas, but I thought this news was worth a quick post...

Hi all
Overseas, but I thought this news was worth a quick post . The CR was expected by many , but the material placement was not. Why would they raise more than they need to see them through the flow rates ?? Why are they raising so much before the flow rates ? The answer is because they have no idea what will flow of anything

I had a conversation with guy goudy a week or so ago but I decided not to post as the Rampers would simply claim I was downramping
Here are the key points - akk think they need 250 bopd to cover costs - when I asked what costs - the answer .. Corporate costs . To get here they would need about 4-5 good wells flowing . When I asked how funds for future wells will be financed - the answer was CRs ( plural ) but they aim would be to raise at higher prices. No interest in debt ( not that is a real option )

I asked about well results and whether the 790ft Column was likely the best well , the answer was not necessarily as the last well had good fractures, when I questioned the " presence of hydrocarbons" only statement the answer was as they use air pressure to drill and the oil "may have been "blown away from the drill bit, and may return into the fractures . In other wards no oil present during drilling
I asked about timing of next CR .. Answer was after first well flow results . This was as I said answer a week or so ago!!!

So the fact that this placement is material simply confirms despite the announcements they really haven't got a clue if they will have 0 or
3 successful wells and they will definitely be raising funds for a long time. The size of the raising will not doubt secure salaries for another 6 -9 months and help prop up Mr Harts drilling business

What do holders think about the ethics of a company realeasing rubbish announcements in an effort to pump the price for next CR. no doubt those that got sucked in and helped to move the price to .7c two days before a Cr would not be overjoyed by the fact they have lost between 16-32% !

Bruutz - you should apologise to all those you convinced to buy at .7c , may also need to apologise to those who bought at .6c

Aussie155 - well done on exiting - at least you overcome your dislike for those that talked reality and made a good decision