Lets say $30 million of the raised money is put towards drilling South Eregulla.
Can anyone honestly say there is a better bang-for-buck drilling prospect in Australia?
And keep in mind we needed to secure the rig or miss out, and this required raising capital sooner rather than latter.
I think this must be kept in mind when assessing the steep discount.
I am very happy with the trade off.
South Eregulla could end up dwarfing WE. Try to see the forest for the trees.
Ann: Successful $75 million Institutional Placement and SPP, page-20
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