drilling schedule, page-5

Berrybum, much better (as in some logic & reason) ;-)

Yes, most unusual to extend. Either they have had little response & are concerned that nobody's going to take it up (in which case expect flurry of announcements over next couple of weeks!), or they are concerned that the paperwork has not yet been received by those that need it (as would be evidenced by several recent posts on here?). Maybe a combination of both. Either way, I don't see it as positive. Having said that, the market has not reacted, so I don't think the rest of us need to watch or learn anything in that respect? We'll see what happens over the next few days.

1) I agree
2) Yes.
3) Possibly so. If they cannot raise the cash, they would become very vulnerable to a bid (& JH appeared very concerned about that (at least to my eyes) at the last AGM).
4) Yes, if the rights aren't taken up sufficiently....

If that were to happen, I still think the SP would be somewhere far north of where it is now.

At the end of the day, one has to take a view on whether they hold anything of value under there. All signs suggest that they do, but until it is proven, the worth of the company is unlikely to increase 'significantly'. Even a bid currently would not see the sort of returns I am hoping for over a several year period. Either way, I don't see much downside, so I am happy to sit it out & hopefully there is no takeover or giveaway JV (they have avoided it for many years so far!), and some proven results. I'd prefer it this year, but if it is next year, sobeit!