Interesting to see NHE- GULF X has closed over subscribed as per...

Interesting to see NHE- GULF X has closed over subscribed as per the attached comments from Mr Peter Strachan from Stockanalysis Issue out today !!!
Also
Keep in mind Entek (ETE) has 2 leases within this deal

New Horizon Energy (GLX) has closed its prospectus over subscribed and now
has about $4.5m which it will apply to a low risk, 5 well drilling programme in the
shallow waters of the Gulf of Mexico. The company, which will become GulfX has
established strong relationships in New Orleans with a local operator and project
generators which should feed into additional opportunities as time moves on. The
company hopes to re-list by 8 May, following its Chapter 11 reconstruction/change of
business and recapitalisation.
The company could be back on the boards by the end of next week, however following
such a long period of suspension, there may be stale bulls in the stock who could sell on
re-listing, presenting an attractive buying opportunity. Based on the company’s
estimates of minimum and maximum exploration target size, StockAnalysis calculates a
fully diluted, risk adjusted valuation of between 30 and 50 cps for NHE, so buying below
30 cents would make sense.