Ann: Acquisition Update and Drilling Program , page-11

I agree an equity raising is on the way as Macquarie aren't going to let them draw a facility of this size without further equity, particularly given the level of leverage now in the business. Would be a great result if can raise at a premium though not sure is achievable given amount of players in this sector, mkt cap, leverage, gas prices etc. so more likely outcome is dilution to aust s/h's.

any views on where the upside to current sp is would be appreciated as on my rough calc's valuation on Earnings/EV and reserve multiples looks pretty close to fair value?