rrdickson, AUT is cap-raising as it increased it's oil reserves...

rrdickson,

AUT is cap-raising as it increased it's oil reserves by 50%, as announced on friday afternoon (after the market closed), due to a very significant purchase of land.

It acquired 5,100 acres of land in the Sugarkane Field of the Eagleford area, for US$120 million. Quote from AUT:

"The acquisition and future development drilling costs are expected to be funded from existing cash reserves and an equity placementy of new ordinary shares and special warrants".

Hence the cap-raising.

Disclaimer: I hold AUT

Cheers.