in petrobtras i trust, page-6

Well i don't want to condemn management until i know the exact plans for the cash. If it was just raised for the sake of it, i won't be impressed.

Having said that $70M is not a lot of cash in the bank for an O&G explorer who want's to get to mid tier, and the extra $30M odd does allow for a more solid future and limit the downside should Artemis be a dud by a small amount. It has to remembered there's a 68% percent chance of failure here.

To limit the downside further i'm actually hoping it was done for an acquisition or farm-in of which they can't make comment on too much publicly because they are in negotiation or stealth mode. They could hardly say "hey guys we need cash to take out company xxx". I'd love to see another drill ready target acquired and waiting in the wings for early next year as i'd be more comfortable leaving all my cash on the table through Artemis till the end, instead of just my free carry.

Innocent until proven guilty for me on this one.

There was heavy selling volume on Thursday and with the fairly quiet volume yesterday i hope that all the weak hands and ladymen have been flushed out and we can get on with it from here. May be a bit more of a stable register now, who knows. Deserter's at this stage of the game were going to bolt anyway.

Let's face it whenever a CR is dished out in 95% of cases the SP heads down to the CR price. If it was over-subscribed, then those who chose to sell in disgust over the last few days probably just handed the big boys their extra on a plate. These guys had $30M ready to go in 24 hours, if retail investors are involved it would take a month + to do.

Sucks? That's just the way it is, bearing in mind that these guy's also have the power to move the price up, and they will have to for themselves to get a gain from 0.52 in the next few weeks. I try to go with the money flow not against it. SI's dont just throw around cash on hope, i doubt you get into that position by being a fool. If they see value and growth at the current SP risking $30M i'm happy with that.

To those who are grizzling about not having a chance to get more at 0.52, the story hasn't changed much since July when you could have bought any time on market from 0.25. Yesterday you could have bought near enough to the CR price - get over it and buy.

Time to focus on the monster 12 TCF target...