Ann: Capital Placement and Share Purchase Plan, page-149

Hi @mir911 ... I don't doubt the reality, but market perception is often a lot different to reality.

In the past I've spoken to industry analysts for different Investment banks and funds, only to find their understanding of an industry that they were giving advice on was completely wrong, because they just didn't understand the industry.
2 good finds within a couple of months gives the impression that there is plenty of gas in the Perth basin, all you need to do is stick in a straw and out she comes, so will be cheap gas for a long time (sarc)...

The market is a funny beast, there are often penny dreadful companies with nothing, worth tens to hundreds of millions on hype, when the reality is they are just a shell, but the directors and management talk a good game. At the same time you can have companies with massive resources that are worth a fortune trading at pennies on the dollar, even when turning those resources into cash is really a formality, but takes time. A lot of players are not prepared to wait for the time aspect, so opportunity arises. IMHO the SP should never have been as low as it was in June/July as the odds of success were just too great, as has been proven. They had 3 goes at finding gas with all 3 being successful, just as predicted by the models and the 3d seismics.

Personally I'm eagerly awaiting for Beach to do the 3d on permit EP320, as that Triest seismic could show a potentially large find (from my amateur observation, I'd love your thoughts on it). It also extends a couple of km into STX's permit so could add value to this company, OR the analysts will take it as a given and expect something spectacular from there, which shows their analysis of 'plenty of gas' reasonable.