massive news, 630bopd from j-51, page-9

I think you're right sailfish. Not so much about the next well coming up dry but just the general need for cash scaring some people.

"The required capex to take Block 31 to self funding stage is estimated at A$40 million. However at the upcoming annual meeting the company is asking investors for permission to raise up to A$55 million."

Not that the AGM was in November and the resolution was passed. The have 3months from AGM to issue the shares. The AGM was AFTER the AIMs listing so these are additional shares.

Ofcourse they dont need to raise the funds. But they have our permission to do so and will raise atleast some if not all of the $55mil shortly at trashed prices. Because the alternative is to wait 3months and let this lapse and then need to vote again in future.

Why buy now when their will likely be an spp or rights issue plus loose shares after that. Even though it adds plenty of cash to the kitty it also dilutes most of the (short term)upside.