Yes, not pretty!Talk around Friday was a cap raising of A$6m at...

Yes, not pretty!

Talk around Friday was a cap raising of A$6m at 10c. It will be interesting to see if:

1) price has been adjusted down given they have had atleast two trading days to raise the $$ and still suspended;
2) whether shareholders vote through the second tranche (at 10c) given it is well over the 15% capacity!
3) where the capital will be deployed.

I recall 5k acres in the Mississippi Lime formation. One well costs about US$2.5m to drill (not including US$1.3m on a water disposal well). On those calc and current cash posi they wone be drilling more than one well without tapping the market...AGAIN!