Ann: Trading Halt, page-32

Does that mean as shareholders we have a free option with PE? What I mean is: we can wait till the outcome of PE. If PE is in our favour, the share price will rise and we can opt in to the capital raising at a heavily discount price of 4.25 cents.
So we can buy in at 4.25 cents and sell it on the market if PE is in our favour.
If PE is against us, then it will be business as usual. We have the capital until the first oil pour in 2023. That will give us a free cash flow of 180 millions per year. On a PE of 10, that would equate to a market price of 1.8 billions. Even after the dilution (1:2). It would still indicate a price of 3-4X current share price (12-15 cents). That is assuming everything goes well.
It is always frustrating with small companies with a great project but no finance or no cash flow. I own share in Karoon, and it is the same thing. But now they should be out of the water with the Bauna buy. They have free cash flow from now on to fund any other project that they have.