good release imho.
Funding ; no need for any CR - funding to come from debt, or if not, then from existing cash flow and future cash flow
Production: reiterate constant stable production over 9 mths, despite no new wells drilled for over 18 mths. Six new wells being drilled - first to be commissioned July, and last by Sept. (I think they are planning the next drill program to begin straight after that).
Competing Offers: hints at - says if you accept now, you may lose opportunity of benefit of any higher competing offer !!
Importantly it says:
At the date of this letter Landbridge has not advised that any acceptances have been received since their Offer opened on 8 May 2014. The extension of the offer period means that there is no urgent need for you to make a decision. If you accept now, you may also lose the chance to accept a competing offer.
A TU for the Chairman!
WCL Price at posting:
39.0¢ Sentiment: Hold Disclosure: Held
