Not really how accounting works and is counting chickens before...

Not really how accounting works and is counting chickens before they're hatched. If you're going to include income earned in Jan-Mar, why not include expenses like the huge rig and the other programs of work that we're going to be undertaking (some of which you've even listed) -- to not do so is either dishonest or disingenuous.

Why are you sure the rights issue will even be fully funded? Back of the napkin maths (13-10.5)*2 values the oppies at 5c each. Aside from feelgood vibes of proping the company up, why would anyone take that offer with the current shareprice?

There's plenty to like about the company but rhetroric doesn't convince anyone. It's not derisked, we don't have 35 million in the bank (and won'tat any point this quarter even if we did somehow manage to fill the full placement including option; unless we rocket up to 20c on some left-field news and convince everyone to convert their IVZOA). And that's okay, it doesn't make IVZ a bad investment.

Sharing the investment with people who live in a f*ing fairytale-land however does, because they don't understand the very real risk involved, expect it to be a sure thing, and get upset at the drop of a hat when agreements don't get signed in a timely fashion, when reservoirs are conservatively quoted, there are delays or the shareprice drifts downward. The kneejerk reactions they take does a lot more harm to the company long term than any single piece of bad news could (particularly one that's easily solvable).