As Andalisa had already mentioned in a previuous post, which was...

As Andalisa had already mentioned in a previuous post, which was an excellent point MOG and MOGO have much better leverage in relation to the Moby/Vic P47 project being undertaken at the moment.

Terms and conditions extracted from the prospectus are shown below:


For every two (2) Shares issued each allottee
shall be granted
(i) one (1) free attaching option to acquire
an ordinary share, exercisable at $0.20
(20 cents) by no later than 5.00pm (AEST)
on or before 31 December 2004, and
(ii) one (1) free attaching option to acquire
an ordinary share, exercisable at $0.30
(30 cents) by no later than 5.00pm
(AEST) on or before 30 June 2008
(c) When exercised, each 31 December 2004
Option will give rise to one further 30 June
2008 Option, exercisable at $0.30 (30 cents).



THe market cap of MOG as at COB today was $6 mil. BAS is $30 million.
MOG have 35% stake. BAS have 40% stake.
Successful results from drilling will therefore have a much more positive effect on MOG and especially MOGO.

In addition, Terrific arbitrage opportunity at the moment.
MOGO last traded at 9c.
Exercise MOGO options at 20c
THerefore theoretical total you would pay for MOG after exercising is 29c

MOG closed today at 24c
MOGOA closed at 9c
If you exercise MOGO today, the value of your MOG holdings would be 33c.

If MOG were to have a market cap of $25 mil after drilling results, that would equate to a share price of roughly $1

MOGO would be at least $1.50 assuming the 30c options arent trading at a premium. Strange but true

$1.50 + $0.20 exercise price = $1.70

and will get
$1 MOG + $0.70 option = $1.70

Good luck to all!

Cheers