a chance to get more before it goes up again.

IMHO

Why would anyone want to sell when:

- the director bought shares in feb and march. He hasn't sold these shares yet so that suggests he thinks the share price will go up even more than 2 cents (it reached that only two weeks ago).

- the main theoretical deposit (Wombat 4) hasn't even been drilled yet. LKO need money to drill it. Hence LKO try to raise money through capital raising. In order for people to buy more shares in such a speculative company the offering needs to be lower than yesterday's "current" share price of 1.5c. Therefore it was offered at 1c for shareholders. The gas and oil is still there.

- the nearest deposit, wombat 2 did show oil and gas. Therefore Wombat 4 theoretically should prove to show more.

- The Trifon and Seaspray putative deposits are yet to be drilled and now that LKO knows the practice of getting oil and gas. They might find more of it at these other sites.

So these three or so reasons suggest to me that there will be a few more announcements regarding the exploration of gas and oil. If the director hasn't sold any of his shares that he bought in feb and march yet, then I believe this to be a good thing.

Just a thought anyway DYOR.