Ann: Trading Halt, page-337

The reasons are straightforward. We are not yet at a stage where we can source alternative funding. Nobody likes broker raises but the only other option is a JV/farm in. And yes, they played their broker games to hold the price down, as happens on every spec stock. People need to stop taking it personally. Anyone who thought the talk of financing was in the immediate plans wasn't paying enough attention.

Our 80% of the basin is our main bargaining chip and assuming satisfactory flow rates it will be worth far more than the dilution we get from this raise. Besides that, it's pretty obvious that no major or semi-major would drop $100m+ into this at the current stage. Not at acceptable terms anyway. Yes we have made discoveries but there's a lot of work to go before it's proved to be commercial. The time is coming where we can tell the brokers to bugger off, but we're not there yet. Holders need to understand the reality.