I initially thought the same thing the day the cap raise was...

I initially thought the same thing the day the cap raise was announced. However, I now agree with management's logic.

A $100m cap raise was not big in the scheme of things, it was less than 5% of the total market cap at the time. Management were opportunistic raising just after the share price boost from being granted final approval for Hartog drilling. It's looking like a great decision in hindsight.

The macro environment is very uncertain at the moment, better to have the money in the bank for all the drilling for the next 18 months rather than try and raise in more difficult circumstances.

With the market the way it is, you think MRE #2 is going to give the share price a huge boost? I wouldn't bank on it.

Who knows how low the share price is going to go. Someone said $4 a while back, that's looking like a good prediction now.