No harm in consolidation, Looking back at prior CR activity during times of company vulnerability & volatility in the market explains the way it was. Oil & gas prices plummeted during covid & many junior oil & gas companies struggled. The CR activity back then was sort of unavoidable given the position of the company.
The market conditions & company financial position are now incomparable.
5b SOI is nothing to be concerned about, 60m MC is well undervalued but importantly the company doesn't need to fret over the MC as it is profiting from it's production & kicking goals with solid oil & gas prices helping to build a great foundation.
Good growth prospects here with higher well ownership & recent well returns it's full steam ahead.
Ann: Quarterly Activities Report and Appendix 5B - December 2022, page-92
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