Agree with this.
Blunt assessment - am I 100% surprised - no? That quarterly was sailing close to the wind and we have drilled 3 wells since. Probably have a WC position that they can't unwind quick enough with cashflow to meet payment terms.
Do I like the way this was done? - no still a kick in the nuts with the promo run up to dropping this raise.
Pros - I am a lot more comfortable with the balance sheet now. They should run good cashflow for the rest of H1 and going into H2 - should be low single figures net debt by end of H1 including new pipeline of $5m which will cost little to service.
Washup - it still looks cheap but some trust is gone. Hard one to call now.
Agree with this. Blunt assessment - am I 100% surprised - no?...
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