capital raising, page-54

SF

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.