capital raising, page-49

I dont know that that sounds like a tremendous plan Stefanis. Wait until the tank is empty then look for a petrol station.

You drive like my wife :)



The only reason to raise now is an impending 2P failure? Thats a little presumptuous and deterministic isnt it?



How about these other options:
1. Confident of 2P program success in raising window

2. Opportunistic investors wishing to get into the company (sizeable insto raising) and add to the quality of the register

3. Higher quality register = better defense for corporate action

4. Commit money to lock in rig contracts and thus accelerate drilling plans

5. Timely acceleration of reserves development program to meet further reserves being committed as more plants approach commitment dates. More reserves = more value at the right time.


Now, I dont disagree with you and the suspicious side of me immediatley perked up with that answer as a 'go for capital safety' scenario. I am definitely not ruling it out.

This however is not consistent with their forward plans for development, or the macro picture for the local CSG-LNG industry. If BOWs plans going forward were not so well articulated then I might be more concerned.

Still looking for some good numbers in the future but for now I am happy to sit underwater and wait.

SF