Ann: Prospectus - Share Purchase Plan with Attaching Options, page-16

I agree, a scale back is on the cards, particularly if Anshof 2 comes in. I'll be holding my offer until as late as possible hoping we have logs and confirmation of oil. If we do, then the SPP will surely be oversubscribed and we wait to see how much they scale back. I'm sure in that case they'll be tempted to take a little extra cash above the A$1m and it would be a nice reward for early shareholders. Some of the new instos might push back against further dilution at 10c though. I thought the timing of the SPP was very favourable for shareholders, giving us a free look at the well result, hopefully that means Ian has our back and will throw a few extra out if it's a good result.

if anshof 2 is wet, or poor reservoir, hopefully there's enough cash in the kitty amd enthusiasm for welchau that the price doesn't fall too far!