I'll agree credit markets have really opened up compared to 6...

I'll agree credit markets have really opened up compared to 6 moths ago, Lots of investor cash out there.

I certainly didnt expect todays ann.

Given the exposure OBL has had i would have expected a steady inflow to CBO. Maybe its casuse you had to earn 250k per annum or have 2.5 million dollars in assets to apply.

My thought are:

They have a JV partner OR

It is easier to raise the money through OBL.

I believe it will be a cap raising. They have stated many times backreef will be drilled by 31st OCT. In the absense of JV they will go to the market for funding.

Given there is probably a 2 month wait on the rig, track clearing, collaring, spud location etc to be sorted out they would want to have it organised and finalised in the next month or 2