"Loongana will always be there if naracoota yields nothing, and they can go back to 8c for all I care if thats the case" I took that to be an acknowledgment of the risk that the SP could fall back to that price, if Narracoota doesn't produce the goods.
Doesn't that mean that there is some value in getting a small raising out of the way now? Because if they put Loongana off and want $1.5m in a few months but Narrracoota drilling hasn't gone well, it would cause much greater dilution. To me it is reasonable risk managment exercise.
I doubt that management feel that pulling out of the Loongana drilling is an option and if contracts have been signed it isn't.
The announcement was overly vague, which won't matter if they produce exploration announcements quickly, i.e. in the next week. Marketing counts for a lot, just look at ROG, and I'm not arguing with you at all on that point. Without follow up news this is going to reflect badly on them and I hope they know that.
RHM Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
