Beware the cult, page-10

I really don't know what any of you expected? Seriously, what did you expect them to do?

Here are some facts:

1.) We have found oil. We need to keep appraising the find. To do that, we need to pay our share of the drilling costs. To do that, we need to raise capital or we run out of money and either go broke or have to give away our % in Senegal. What the hell did Management do that is so bad? they raised the capital! they made sure that we have the capital to drill future wells.

2.) People talk about stock dilution. They gave a small discount (6%) or there about. Its not like its 60% for god sake. They had to create a large number of shares in order to raise that much money. The money will be spent on appraising more wells, exploration wells, 3D seismic and god knows what else.

For all those people that are angry, what was the alterative? what would YOU have done? we needed the capital, we raised it and the instos got a small discount.

I am serious, what was the alternative? what would have happened if they raised no money? we wouldn't be able to continue drilling, exploring and appraising. We wouldn't be able to meet our JV obligations. What would happen then?

And finally, to those of you harping on about management getting free options. Seriously, good on them. They might not pay for them, but it still gives them bloody good motivation to make sure the SP does skyrocket because it will make them very, very rich. I would rather them take up free options then none at all.


And as for posting threats about 'cults', it isn't a cult. It is a group of Mum and Dad investors that take the time to research the company.

This FAR forum is turning to hell lately.

Ele.