Blackhat -I obviously didnt make my point very clear- apologies...

Blackhat -I obviously didnt make my point very clear- apologies
1 This is a proof of concept well.Previously I thought (others thought)3 to 4 million to proove concept
I now think that 1.5 to 2 is enough to get us over the line.THE BAR HAS JUST BEEN LOWERED SIGNIFICANTLY
2 Dont think that capital raising will be done @20c it would be more likely to 30c on a flow rate of 3mm
Could be that on a flow rate of 2.5mm The smart money will know this is a learning curve and even the slower ones will learn from the proof of concept of second well-Longer fracs- tailored propants-idea of pressures
Should also be cheaper and all near future wells SHULD get progressively cheaper
3 Dilution is going to happen regardless because of excercise of options If you had not factored that in you should have .Within a year they should raise 27 mill-Thats enough to make a deveolpment self financing
4 Borrowing from banks or financing from suppliers should become much easier with an income stream
Shlumberger giving us 90 days for a second well starting in a months time means we would need 270 days of financing until the oppies convert
If oppies continue to be discounted many will convert before then

5 To get across the line we need to finance one more well.Income stream will do part of that
Suppliers are more likely to do part

Existing cash will do part
Early conversion of oppies may do part

You have a good brain.Would be nice if you could use it constructively to lobby directors that any CR in future will be offered to existing shareholders including oppy holders on a prorata basis to avoid dilution
We should have 90 days for everyone to wriggle so it is not too hard to organise.We had no wriggling time before

But first it has to flow at a stabilised rate.fat lady hasnt sung but shes got her costume and makeup on