Actually peyton you are correct they have lodged this as of...

Actually peyton you are correct they have lodged this as of today (US Time).

We all knew that we were going to have to raise some capital after the last quarterly. From what I've read though, this is just a submission so that when the time comes, SSN have the right to offer new shares, warrants etc. to the market. They are able to do this over several different offers as well up to a maximum of $200 million.

I didn't read the time-frame they had, however I'm relieved that it's not just a one off offering otherwise out share dilution would be ridiculous, at least with this way it allows them to say raise $20 million and then drill and complete a few more wells hopefully successful, and then raise money at a much higher price.

Let's just hope that we can get some success from the $18 million remaining, which will put less dilution into the mix when additional capital is needed.