Agent.. why raise $2.5m? Why at a 15% discount? Why raise after the SP drifts? why, why, why! Makes no sense at all IMO given RLE is fully funded until completion of their drilling program, that results to-date are very positive, fraccing is "imminent" and flow rates will follow shortly after (assuming no water issues!, which RLE is very confident of).
My understanding is that at ~2mcfd the project economics stack up (based on convo's with RLE). Flow rates greater than this and the project just gets better. We do not need significant capital to get this into production... this is a big deal! pipeline close, processing close, processing agreement in place, supply MOU in place.. These are things that other more remote gas/CSG players dream of and it has a big affect on project economics.
Looks like a few holders are running out of patience but trading has been thin. Check out the buy/sell sides.. any serious dump/buying will send the SP flying (either way!).
I'm willing to be patient as I think the rewards for success in T2 & T3 are worth the risks. MC is only ~$24Mil, plenty of upside
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