management., page-5

I can't see a placement now after the two month delay in Main Pass drilling but I do think that their Working Capital situation(basically cash + a/c's receivable - a/c's payable) would have been tight at the end of Dec but with four months of good cashflow from then until Main Pass drilling - should enable them to get through without issuing more shares, unless they intend to spend up big at the MMS auction next month.
Nothing unusual about them releasing that US presentation yesterday-in fact there's an ASX requirement that they do so.
IMO the weakness in the sp is all to do with the DD&A expense for last year and the effect that has on the 2004 profit(?) result and the expected market reaction to that announcement.Some selling may also be related to a possible deletion of PSA from the ASX300 index - changes will be announced first week of March.