There are still questions open about the progress: Cash balance...

There are still questions open about the progress:

Cash balance at end of quarter 30.9.2009 - A$15.6m.

Priorities for the quarter ended 31stDecember-2009 Complete farm-out process for WA-360-P Conclude discussions with Petrofac in relation to restructuring interests in NT/P68 Joint Venture
and approved gas processing projects Submit acreage renewal application for NT/P68 Continue discussions with prospective partners for Tassie Shoal gas processing hub Seek attractive new venture opportunities to broaden the portfolio

But then came the shareplacement: Successfully placed 59,898,385 million new shares (14.35% of its issued capital) at $0.45 per share to Institutional and
Sophisticated Investors The placement has raised gross proceeds of approximately $27m before costs. So, what is left after cost's ???

!!! The board of directors views this capital raising an appropriate risk management measure to provide certainty
for shareholders while the WA-360-P farm-in is being finalised.
!!! Assuming the farm-in has been finalised the capital raised will be used to advance MEO's existing projects and to secure attractive growth opportunities !!!

So, where is actually the raised money going, when not used after a farm-in WA-360-p ?