I am aware that they need to raise money to fasttrack and selling BOW&LNG, and taking money from Shell won't be sufficient. My statement regarding the timing was not directed at management as the drop in the share price is due mainly to general market bearishness and the fact that 2 of the top 3 shareholders have been selling in the past 2 months. Those who complain about the drop in price are probably newbie or day traders who bought in at it's highs. Management has not changed it's strategy from when it was first trading in the 80's and when it was trading at $1.40.
I suspect the urgency is mainly due to the govt approval of the Dajing block. I emailed the company in Aug '10 and Eytan responded to my questions regarding MOFCOM approval and timing of the capital raising, and he said he expected both to occur in Q4(calendar). I guess it's hard to raise money when you don't formally have the PSC. A positive i see though is that the AUD has appreciated about 10% since then.
cheers
rb
DTE Price at posting:
84.0¢ Sentiment: LT Buy Disclosure: Held
