Now that it is out, IMO: 1) Discount to SP, far too much!...

Now that it is out, IMO:
1) Discount to SP, far too much! 15-15.5 would surely have been achievable.
2) Too much of the CR going to the top end of town ie: $16m and not enough to existing shareholders at only $4m. That sucks! Why not a 50-50 split of the $20m, or increase the CR to $32m to give existing shareholders a 50% split, either would have been preferable and achievable in my view.
3) There was plenty of cash in the kitty to pay for early commitments, the SP was in the ascendence, so they could have waited a little longer to get a higher price IMO. After all, the PSC has not been signed yet, and for that matter the Treaty has not been ratified yet by either party. (check the risks sections of the Presentation document )
4) I can't believe TL will charge US$10m for an upfront fee to get the PSC as mentioned in yesterday's posts, surely that would be a breach of the fiscal terms of the Maritime Boundary Treaty.(I've never heard of Australia charging an up front fee for such an amount for a PSC (PSA in Aus).
4) I have credited the Board with much kudos over the time of my holding, this will not be one of those times.

Yes! I will partake, as we will no doubt soon get over it particularly in a success case of PS3 and Dorado, but disappointed at this CR, at this time!

Now, back to more mundane issues:-

In the 24 hr period to 2030hrs (AWST) yesterday, the Britoil 121 has travelled 74nm at an average speed of 3.08 knots. By my calc's to PS3 coordinates (and Dorado is a few nm's further to the east) it has 491 nm to go. So, if it maintains the 3kn average, it should arrive in 6days 15hrs thereabouts from the 2030 hrs of last night. Cheers!