Glad they didn't do a cap raising at 20c Salty? 50m at 30c for a...

Glad they didn't do a cap raising at 20c Salty? 50m at 30c for a cool $15m sounds like a good idea. That's about 15% of the issued capital too, so they could probably do it through the back door. Would be a great sign to the market if they could pull it off. With Goldman Sachs predicting $145 oil in 2H and Boone Pickens saying $150, investors must be giving O&G companies a serious look over.

$15m, plus oppie conversions this year ($9m - 160m heads at 5c strike), plus production cash flow from the shallows hopefully around Q4, this should set up Kariki to have a clear shot at Gindara in 09 without having to give too much away I would think. This new strategy is beautiful!

By the way there are also 10m unlisted 7c oppies that have to be converted by end of June, worth $700k to company. Brown and Fry have 3.75m of these each. I imagine they will be converting!