director buying, page-7

Average paid 17.89c

Suggests he is confident the next raising will be above 15c (price of last 2 raisings)

Shareholders will vote tomorrow at AGM re approval to raise another $5mil

I am wondering if more dilution in the midst will depress the sp

From the end of the annual rpt:

RESOLUTION 5 – ISSUE OF SHARES
A summary of Listing Rule 7.1 is contained in Section 4.2 of this Explanatory Statement.
The Company proposes to issue Shares to raise up to $5,000,000 to fund seismic surveys,
well development and preparation and interim payments in respect of the Company’s
commitments pursuant to the Bare Boat Charter as referred to in Section 4.1 of this
Explanatory Statement (Capital Raising). The proposed issue of Shares to raise up to
$5,000,000 is to be approved to allow the number of securities issued not to be included
in the calculation under ASX Listing Rule 7.1. This will allow the Company to have the
flexibility to issue equity securities in the future up to the 15% threshold without the
requirement to obtain Shareholder approval.
ASX Listing Rule 7.3 requires that the following information be provided to shareholders
when seeking an approval for the purposes of ASX Listing Rule 7.1:
(a) the number of securities to be issued pursuant to the Capital Raising is
determined by dividing the amount of capital to be raised pursuant to the
issue (up to $5,000,000), by the issue price of the Shares;
(b) the Shares will be issued at a minimum issue price equal to 80% of the average
market price of the Shares over the last 5 days on which sales in the Shares are
recorded before the day on which the Shares are issued (if the Shares are not
issued pursuant to a prospectus) or a prospectus is issued for the Capital
Raising;
(c) the Shares will be issued no later than three (3) months after the date of the
Meeting (or such later date as permitted by any ASX waiver or modification of
the ASX Listing Rules);
(d) the Shares, when issued, will rank equally with the Company’s existing issued
Shares;
(e) it is intended that allotment of the Shares will occur on one date;
(f) the allottees of the Shares are not known at this stage and will be at the
discretion of the Directors. However, no allottee will be a related party of the
Company; and
(g) The Company intends to use the funds raised from the issue of the Shares to
fund seismic surveys, well development and preparation and interim payments
in respect of the Company’s commitments pursuant to the Bare Boat Charter.