My read is that the deal has gone down.
The real risk now is that the rights issue was carried on the back of hafing the farm-out and Galoc online.
With the farm-out possibly dead the underwriting agreement is dead and the rights issue is dead.
If this happens it is a disaster for OEL, they are back in the position of having unfunded commitments and no income from Galoc (and needing to stump up the $US1.6 that Intesa require at the end of the month).
This will all come to a head in the next week IMO - either resolved or administrators appointed.
Not much motivation now for BHPB to bail them out - they could deal direct with the DOE on the basis that OEL no longer have the financial capacity to perform the work...
p1000
Ann: Suspension from Official Quotation , page-5
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