Ann: Acquisition Update and Drilling Program , page-8

I suspect the terms of the Macquarie facility will mean they may need to raise further equity to meet various LVR or similar ratios. That is likely why the 4 month bridging loan of $6.5m was required - I suspect that they will either need to raise equity or sell an asset to pay back this bridge in time. If you recall, they also had a $10m bridge when they made the acquisition at the end of 2009 which they paid back via selling their Marcellus acreage in Pennsylvania. Macquarie did extend the facility (at a cost of course) when the sale was delayed.

The company has touted a Nth American listing for a while. Presumably this is because they see this as a better market to raise equity and at a better price, but I will believe it when I see it.

I note I have sold my position in this stock after being a long-suffering shareholder. I was really hoping for upside in their Marcellus gas acreage in NY, but that now seems a long way off given the extended moratorium on hydro-fracking in NY and the depressed natural gas price - at the AGM, the CEO stated that he saw the gas price continuing to be depressed through 2011. The company also seems to be shifting focus now which worried me.