Ann: Hawkley to raise up to $18 million , page-16

Not sure about the timing in regards to who has access to the SPP Tony as I haven't read the announcement personally. However in terms of where HOG is at, I think it is a buy now. Yes management have placed 20% of the company to Hartley's at a discount, but be realistic guys, is there an exploration / junior producing company on the ASX that doesn't raise capital with institutions at a discount?

I'm not saying its right, but unfortunately it is a necessary evil if you want to get as someone said the 'shopping list' happening now rather then gradually over the next year. Management put their foot in it when they said no 'big' capital raisings would occur, thats a given. However it cannot be changed and i think the funds raised should allow the company to aggresively establish more producing wells and also the possibility of acquisitions are mentioned as well.

Not to mention the talk of a third well development at Soronchynska, now i'm not sure if that is getting too far ahead of themselves when the second isn't even drilled yet, but seems very promising to me.

Overall, its not the best feeling to see institutions, sophisticateds etc get these shares at a massive discount, however the reality is its a necessary evil which should allow HOG to aggresively meet the potential that it has infront of it. I'm certainly looking forward to the next 12 months.