Didn't intend it to be a lecture johnnyd but your original...

Didn't intend it to be a lecture johnnyd but your original statement was

And the company still does not have one producing well

needed to have some facts to counter it . They are that dugas had been producing for a year, SRH 3 & 4 were also producing and SRH 1& 2 were also likely to be unloading fracc to start producing.

Another fact that is missed is that the company has never raised its stated amount announced on nov 30 to complete the 10 well programm.
Originally to be $9 mill from shareholders and $9 mill via production and debt. With a well taking 10 months to pay off this meant approx $7-8 mill of debt. If this could not be raised then shareholdsers and further diilution or a JV were the only way to keep the 10 well program on schedule.

The company has not raised the debt or came back to shareholders but pursued the JV. How do you expect the company to complete an announced program it doesn't have the funding it stated it would need.
To date it has 4 of the 10 wells completed and 2 new projects.

I say that the company is not keen to further dilute shareholders as it gave back funds from the SPP and has not tapped shareholders for the debt component of he original plan. Your comment that the company is trying to hide its 10 wells so the options won't get converted is not worthy of a response.

The facts are the company raised $9mill of the $18 it needed to complete the programm. On top of this it has brought into the Eagle Ford, approx $1.8 mill to date and Bowtie would cost approx $500 k.
Recently it raised another $3 mill i suspect to cover these two additional projects.

There has to be an acceptence that without a JV partner or a debt agreement then further dilution is the only way to complete the 10 well program. By suspending the programm SG brought the company time to try and avoid further dilution.

Like others I have some frustration with the lack of recent announcement a i search for an answer. My theory regarding to option conversion is just a theory.
I have in the past called GGP the gold medallists for share dilution but recent events no longer support that call

GGP are just a cash strapped spec company with a golden oppotunity that has few options. A JV looks to be the best option

My calculation for funds raised from shareholders since 30 nov 11 could be a little out as i don't have my GGP folder with me.

Unlike some others or maybe most others on this forum i think the company has done an enormous job with the little amount of funds it has had. I have seen O & G companies burn through 5 times the amount of money and have no income to show for it.

If I have any of these facts wrong I am more than happy to be corrected Johnny or anyone else, because its facts i invest on and would like to know if i am wrong or have missed one.

I am more than happy to be invested in GGP, especially when i see some of wreckage within the ASX in this sector. At least GGP is trading slightly above its point of one year ago.