another big bloody placing, probably at 0.04 !, page-2

I was about to start a new thread about a lack of updates, it has now been two weeks since we were told they were re-entering the well to try and clean it up. The share price doesn't seem to indicate either success or failure in doing so.

I think the idea is that during cleanup the well was able to flow 1700 bbl/day (keep in mind this was a peak or surge flow). If the well can produce that fluid then presuming there is oil it can produce at a similar rate. Obviously this is not great news now if you originally read this as producing 1700 bbod.

You are right about the capital raising risk. I can only assume that they are already in the process of selling (or farming out with a cash bonus, seems unlikely) one of their other assets. If not a raising at five cents would be a real possibility.

I wonder if this will ever get above the pre-drill price even if we have successful flows. If we did get 3000 bopd (longshot) with all the shares on issue (and more to be issued even with success) and the historical cost per well for this development where will the share price be? Perhaps the company will be worth more but less confident our remaining share of it will be.