depth, page-12

I might need to check on that, somehow I was thinking 5pm today was the deadline and we're still CUM, not EX. Happy to be proved wrong. I decided against averaging down in the end.

IMO, and I've always maintained that Waterford underwriting the company shows that there are solid fundamentals that are worth "something". BUT, fundamentals is NOT enough! You also need good management!

I bought in having recognised the fundamentals and the potential that this company could bring, only to be spoilt by inept management (NWZ2 fiasco as a prime example). You can have all the Saudi oil you want in the ground, but if you're spending $14.5m on ONE well that is EXPECTED to produce 400bopd and NOTHING to show for it, potential in worth zilch.

Yes, Waterford bought in on what they saw. BUT, they also bought in at the expense of current shareholders, at a 40% discount like you've mentioned. On a side note, to be fair it was probably a little less than that, because in the lead-up to the CR there was obviously a deliberate pump of the SP (not an unfamiliar P&D exercise for those who know the stock) to 4.5c IMO.

Following the big boys does not necessarily mean you will make money, although in this instance, I believe long term there's a strong possibility that you will on this one - it's probably near the bottom now. Short term wise, I don't believe it will rocket up, and I may get better opportunities elsewhere.

They will be "cashed up" to a point. Given their past spending habits, I wouldn't bet the farm on there being no more dilution going forward.