Yep. the more you think about it the less sense it makes to pay...

Yep. the more you think about it the less sense it makes to pay down debt with any raising at 30 cents. A better way to eliminate the debt would be to add to the cash flow and pay it down with that via an aquisition or concentrated drilling program, adding reseves on the way. This would make better use of the 30 cent raising and create better value for money. We know they've earmarked 9million to pay down debt this year already. I wouldn't be surprised if they've found something that can add instantly to the cash flow. Looks like they've had no problem with getting someone to cough up. Wonder if we'll be invited to take part?