Ann: Half Yearly Report and Accounts, page-51

tbe-"I like the Arrowsmith shales.
As I have posted previously, there's a big difference between having prospective shales and having the resources to develop them. Even if you can do that, how much dilution and waiting can an investor stomach?"

you shouldnt think that far ahead.... just focus on arrowsmith3 flowing commercial.... it will.... other factors will fall into place.... further funding will be secured on a rising sp... this always happens... cvn and far, other notables have done this even with production stage many more years off....
as-3 costs 8million ish.... we will wip that funding up like a lassoing of a giant wilderbeast .... its a given really...
that 2million will be a cake walk. ...we can bank on that, esp with recent support plus insto guarantee//// thats all we need.... when as3 rips the market will re-rate...... its fair game...as investors we are here to make sure the funding gets met... and when we dont agree on that we sell or stay put...the last placement was met fine... it was a tight raise of a mere 1million... but enough to get us to pre as-3....
the next raise will be met with more support....
this is organic growth at its finest.... its so exciting to be apart of it... and i aint even playing around;.....for a 6 million shell, geeze you want everything/.///
you look around the sector and see the hundreds of millions of market caps and then expect norwest to for fill everything you require....................................
norwest cant give you all the securities you require... it can only give you the securities you once desired..... securities that have not changed....
thats all....


"I see the risks on the financial side. Their ability to raise capital is limited, which means any ongoing capital requirements will result in further dilution. I think this is highly likely in due course unless the energy market changes significantly, which looks unlikely....but I can't predict its behaviour."

the future of arrowsmith is not put directly on shareholders shoulders so to speak//// the future composition of arrowsmith3 is yet to be decided upon results... one would hope shareholders will be put upfront in raising for post development, one can not be sure... one would hope post this next stage that we could attract debt, eg pre sales agreement alcoa with ego perth basin... its gona be a cake walk mate...
these results will dictate just how much movement we have, and upon commerical rates would/should expect full commitment of debt and sales agreeements, aswell as the awe connection picking up steam to lower our overall costs... aswell as the lower over market conditions to reduce our costs...


"This is such a tight wire walk and even if they get it all right, if the general market conditions don't change, they're not going very far."

perhaps.......................it will be a tight walk though..... these things find a way of playing out especially when commercial producers eliminate concerns...............also, gas markets run different to oil markets... this gas runs at a premium compared to other gas markets...


"There's simply too much out of the control of management.
That's why I have changed my mind."

um.... ok........our board put up these prospective shale's and never gave up on them...they never sold them off... they never ripped away our trophey for short term gains... they never once lied to us... they have now left it up to the market to decide... its fair game ok.... i for one think there is far too much value to be walking away from norwest.... so ive gone in and given it the upper cut 1-2....


the market decided its not a goer....
norwest with its partners, with the necessary govt approvals, with many unsure shareholders pursue this to make sure it happens...
and it does....



"3 years since A-2, they have less cash and a market cap 90% lower.
That's progress for some, but not me."

geeze bro... its a tough game...
ive now put a boat, a noahs arc on this...
just like other holdings sometimes it hasnt gone to plan... i think im more confident of norwest for the given level of market cap than ever before....

im gona chill out buzz... and come back in a few months...
for the value on a 6 million market cap is getting me all worked up....
with shale i cant go straight off past experience, just my feelings... ive talked to tui and under the unbooked losses he is like a rampant beast ready to break a cage,... nothing has really changed...
it was only only 2 years ago when you were buffed off a 40million cap... and now its so much closer you dont even wana know...
the market has changed and so have you....
all the best tbe... love ya... dont you think i havent thought the other way... and i had... and i decided to go in hardball...
and i'll never regret that even on the small chance from here it goes bad...