Its not all about WA-360P MOG is embarking on a drilling campaign in early 2010 in WA332P-WA333P which has a mean oil estimated of over 1000 mmbbls or 2000 bcf and WA342P mean contingent resource of 40 mmbbls.
Sure there will be a capital raising and if it was at the current prices the share price would still be attractive compared to its peers.
We are waiting on an announcement which will have a material impact on the share price and if positive, will be significant higher than it is today and any future capital raising and subsequent dillution in this case, will have a minimal impact. The share will undoubtly be on 'sale' compared to its peers
Look at the projects in the short term which could transform this junior explorer into a medium/large producer or be a potential take over target.
MOG Price at posting:
26.2¢ Sentiment: None Disclosure: Held
