I believe the idea of the CR is to raise cash for drilling instead of going the farmout route. Can be a reasonable strategy depending on the % you would have given away in a farmout and also depending on your expected chance of success (and the financial implications of drilling dusters). I don't know the background for NHE so can't comment on the wisdom of the strategy here.
It would be interesting to know whether NHE is shafting the farmee or whether the farmee decided to take their bat & ball and go home?
Ann: Trading Halt, page-10
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