Ann: Trading Halt, page-5

I wouldn't be gloating if you are a disenfranchised WGO investor, because STX is either raising money to accelerate the drilling programme or to avoid drawing down their line of credit (which doesn't really affect WGO) or everything has cost more than envisaged (think about the delays and equipment failures at WE-3) and they need to raise cash. This will have more adverse effects for WGO down the track as they have far less capacity to raise capital.

I am quite happy for them to fund drilling with equity (rather than debt) as this is the much more prudent thing to do, especially until FID is confirmed. Also, given STX's capacity for surprise, I am interested in whether they are raising money to fund a few more acquisitions.

I am sure some will get their knickers in a twist about this. But, although I did not expect a CR just prior to flow testing, I am completely at ease with it.