cosy company/broker relationships, page-7

re: cosy company/broker relationships - jocam Jelly, jocam said much the same there as he said here (above).

Does anybody know what the reason EBR stated for deferring the issue prospectus means:

"The prospectus, which was to have been lodged on or before February 2005, is still subject to completion of due diligence, and the directors have no firm date for lodgement at this stage."

It sounds like EBR made a stuff-up but needed funds in a hurry, maybe because the Oscar 3D seismic bill became due. Strangely, Patersons' cosy placement took place just three days later (no, I wasn't on the list either!).

Having said all that, I becoming reasonably keen on EBR's near term drilling plans, especially the Gilbert prospect. Now that Zane Grey is looking more like a middle-scale (for offshore) gas/condensate discovery it's probable that Gilbert may be a better prospect for oil after all.