There seems to be way too much emotion and less fundamental...

There seems to be way too much emotion and less fundamental thinking on this forum... There are so many signs pointing out that this rights issue will not fail. I will highlight a few additional points for you guys to consider (which you may probably already know):

http://imagesignal.comsec.com.au/asxdata/20091119/pdf/01012905.pdf

Following pages 12-23 of the announcement above we can see a detailed analysis of both the Cornea and Braveheart prospect. Briefly looking through the joint venture partners you may notice that that all the companies involved in the JV are Albers subsidiaries, i.e. Geoffrey Albers has major holdings in each of these companies. You may consider this as being a negative as possibly he was not able to attract other JV partners to drill or on the other hand you may consider this as a positive as he may have wanted to keep a major holding in each of these prospects.

However, irrespectively, I consider this as a positive for Moby for the following reasons:
- Firstly, if you follow the link (http://www.exoil.net/Projects/browse-basin.aspx) you will see that both Braveheart and Cornea are in their 5th year and require a well to to be drilled. If Moby is unable to raise the funds in this time frame it seems that Exoil may have to reliniquish the permit and JV partners will lose the prospects - for this reasons it seems unlikely for the cap raising to not succeed.
- Secondly Geoffery Albers stake is 'too large' and if the drill does not go through he losses out on all of his subsidaries (not only Moby)...
- Lastly, Braveheart is an untested prospect in the browse basin (although with a success rate of only approx 15%) which could contain 1.5B barrels of oil or 2TCF + condensate - I'm sure nobody would want to lose a chance to drill something with this potential...

For these reasons, there is simply too much too lose if this RI doesn't go through, especially for Geoffrey Albers! Lets say for some odd reason this RI, does not go through (which again i think is unlikely for the reasons stated in my previous post), then Albers could either underwrite the whole thing himself (which is possible given the potential loss he may make through his subsidiaries if enough money is not raised) or he may just simply do an issue to institutional investors at a lower SP at 15cents or something - since Moby has a stake in Artemis as well no insto would say no to an offer like this

Now once this Cap Raising is completed i think Moby is set for one exciting year three drills with NPV potential of each exceeding $1B...

Sorry for the long post - again if I've said anything wrong let me know...