Lots of people will be underwater given WGO raised capital at 22 cents.
At this point, very few people think 20 cents will get it done. I think BPT will need to raise the price to 30 cents. This was around where WGO was trading before the whole GWC debale and that doesn't take into account the 2P reserves increases in the meantime.
Anyway you cut it, Beach are making away like robbers even at 30 cents IMHO. WGO shareholders have risked their capital for the past few years, and now Beach are trying to take the de-risked assets and upside for themselves.
And I'm sure, if Strike eventually agree to sell (I don't think they will), it will be at a price they come out ahead. Just my opinion of course.
Lots of people will be underwater given WGO raised capital at 22...
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