Ann: Change of Directors Interest Notice, page-4

16 June we will go into trading halt for a month, so the share price needs to be above 1.5 cents by then for the capital raising to be a success, which closes 23 June. At 1.5 cents we will have an equity mkt cap of around $22 million, take of $8 million cash and we get EV of $14 million . Does $14 million seem unreasonable for a highly experienced and successful management team, and a potential 55% stake in Canadian O&G JV? (obviously the African assets are valued at $0, but as we know the Chinese are massive in Africa, maybe Stein has a strategy here).
I think the answer is a pretty easy yes, on top of that Stein & Whiddon will both have around 10% of the new vehicle, this is where I like management stakes to be to ensure their interests are aligned with ours.

Quite a few got sold at 1.2 cents yesterday, but the bid kept being instantly reloaded, so suspicious we won't see below 1.2 cents again. Above 1.4 cents the technical profile goes very positive very quickly, we could surprise on the upside given the now tightly held register, I've always had a target around 3 cents just based on the charts.

GLTAH