a friend sent me this, page-12

well i agree with that, however the terms for the raising were probably dictated by Indian Ocean rather than the company.

i expect that, as much as they like to make out that the whole point was to reward the shareholders, the reality is probably that they would have liked less shares at a higher price also. but given the timing for the Akkar Nth well and the failure of the JV partners to agree to favourable terms, this is what we are left with, i guess.


not ideal, but in the long term, i still believe that the possible value of the project will outweigh the dilution. all we need is one good well at commercial flow rates to confirm that this is not all pie in the sky, and then we can start looking to the forward projections at 100% ownership.