What gets me is how the <> Transocean figured that we would be done with the CE by the end of Sept, now it is middle of Oct and we still haven't even moved back to SNE-1.
In terms of capital raising, how about 900M options for 2c each? Strike price 30c exp Dec 2015. Offer 1 option for every 3 shares held, plus a shortfall offer.
That will raise $18M now and $270M later if a decision to go to production is made. At 15% that will cover $120M for another appraisal well plus $1.8B of capex.
IMO if we want to go all the way to production without being taken or sold out we will have to accept significant dilution. Is there any other way?
Cajun still on FAN 1, page-61
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