1 The only thing that makes sense to me is that the water cut in Tamarama-1 is not decreasing or there is some other problem with the well. Any rational person would wait for the flow results before raising capital.
2 The timing of the CR is strange. What was the rush? They would have plenty of time to conduct a SPP. Management are major shareholders so they do not appear to be concerned about dilution.
3 The raising was at the 30 day VWAP. Many raisings use the 5 day VWAP. Our VWAP5 was 10.3931.
