The tank is still half full was my point, I don't see a raising now as crucial purely on a payables basis over the next 2 quarters. Certainly a less dilutive rights issue would of surficed IMO.
"The only reason to raise now is an impending 2P failure? Thats a little presumptuous and deterministic isnt it?"
This certainly wasn't my point. I aren't forecasting a failure of the current 2P program at Blackwater, just pondering one of the only advantages I can see in them raising now and through a SPP, that gives non holding into's preference at the trough.
Your points 1-5 are valid to varying degrees, I generally don't subcribe to the more insto's on board aids a defence of the register view.
BOW Price at posting:
$1.14 Sentiment: LT Buy Disclosure: Held