In their placement announcement (http://imagesignal.comsec.com.au/asxdata/20091202/pdf/01018460.pdf) they indicate that the funds will be used for completion of this well if successful, or failing that, further wells.
Why would you drill a well if you don't have the funds to complete it?
Getting fed up with all these raisings as soon as the sp shows any upward movement.
Imo they don't know what they will do with the money. The opportunity to raise some occurred so they did.
cosmos
2nd hole, page-2
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