the other thing to remember is the timing of this is a little dubious.. they are vending the 15% stake in to try and capitalise on the hype surrounding artemis.. cap raising is on the cards in the next few months BEFORE any drilling starts... otherwise, why wouldn't they just wait until after the drilling and try and capitalise on the (supposed) success of artemis??
it seems like this has been pushed through quite quickly ie try and do a back door float with a good asset and a quick CR to fund future commitments on other leases. a bad drill result from artemis would ruin these plans, but as i said before, $21mil won't be a prob in the ST with the hype surrounding this stock.. and with what's to come in the next couple of weeks re artemis.
i think the SP is going to find support a lot higher than these levels in the short term, particularly with the upcoming announcement from MEO re partner. in the med to long term, it's just another explorer with some good prospects...
MOG Price at posting:
31.0¢ Sentiment: ST Buy Disclosure: Held
