hmmm... maybe but I don't think so. The rights issue was...

hmmm... maybe but I don't think so. The rights issue was fully underwritten. Even if they got nothing they'd still have got the money.

Drilling happening at the moment, good chance they have some idea of what's there. To me this looks like they know they'll be able to raise higher later so they're bailing out now.

The whole thing was well timed really. If the initial indications were bad they could have let the issue go through and would have cash for more drilling. If they were good, they could cancel and raise at a higher price later.

Smart move from an experienced team.

Cheers,

DMac