Tradewinds conclusion needs to be viewed in the light of how tightly held OBL is. The rights issue closes soon and a couple of the Directors are participating in the Paterson Securities partial underwriting so they expect to take up very cheap shares plus free options. A good sign.
The OBL management must be moving on to drilling as soon as the rights issue clears as it is clearly their way forward now that the Canning has been secured. OBL may be a cheap way into some action. Their leverage to barrels, even at US$50 each, is really good.
OBL Price at posting:
6.5¢ Sentiment: Buy Disclosure: Not Held
