25% discount would be extremely over the top - and any really positive announcement would send the SP up more than 25%.
In addition, BNL has sufficient funds until early next year - and any commercial deal would increase the level of funding.
It would be prudent for BNL to raise additional funds sometime this year so, a CR is not that imminent, and they would be in a strong position if they are producing.
So, maybe you are being too negative if we get positive results.
Ann: State 16 Well Drilled to TD with Logs Confirming Gas, page-44
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