Ann: Non-Renounceable Entitlement Offer Document, page-81

I usually take some brief notes from anns and corresponding sp movements for my own research. Leaves me with a simple timeline so I don't have to trawl thru it all over again. Here's what I noted for the Uruguay ops on the first well and placement.

25-07-17 Rig in place Cerro Padilla, awaiting final approvals, sp .023
11-08-17 Final authorisation issued, drilling recommenced, sp .023
28-08-17 Temp suspension, forecast to resume by 02-09-17, sp .021
11-09-17 Suspension continues, sp .016
22-09-17 TH, sp .015
28-09-17 Offer of 1 share/opt per 3 held @ .011, sp .012
10-10-17 Dispatch prospectus, sp .010
11-10-17 Drilling recommenced, sp .013
19-10-17 Offer date extended, sp .013
23-10-17 First hydrocarbons discovered, sp .028
31-10-17 Offer closes, 76% oversubscribed, $4.57m secured, sp .019
02-11-17 First oil recovered, rig moves to Cerro de Chaga, sp .019

Looking back it was very fortunate to have had that stellar ann on the 23-10-17 before the last offer closed. Depending on their average it gave some lucky sh an opportunity to lock in profits at around .028. At the very least you could participate in the offer at .011 and trade those for a few pips at around .019 plus there were the oppies so it wasn't too bad a deal in the end. There was something to be had from it.

Which brings us to now where we are already at .004. With drilling suspended and the partnering process possibly taking months (if they can find one at all) what will the uptake for this offer be? Apparently anything less than 100% won't see the drill turn until a funding partner is found. The brand has taken a battering and the damage to confidence in management severe. At this point I can't see what they could possibly announce that would rejuvenate the sp and sh morale and encourage sh to participate fully in the offer. The only incentive to participate seems to be so we don't go under or sit stagnant for months. Pretty dismal. Anyway a positive ann before 03-04-18 might see enough of a boost to get the sp up enough to make the offer worthwhile but it will have to be pretty substantial in content.