I Agree P1000. Unless they know of some definite cash coming in...

I Agree P1000. Unless they know of some definite cash coming in re- farm out - they need to do a Capital Raising.

10 Mill doesn't go far if your losing 200k/day because of a typhoon.

Don't forget - Galoc cashflow is soon to be diminishing. It is a short life well, and the cash will eventually run dry. Its probably not even worth 9c/share by now.

Unless they spend another 50mil on Galoc 2? NDO's share of that "air plucked" figure would be 10mil. Where is that cash going to come from??
And another 10mil for a well in Dec-Mar??

No-where if there is a typhoon.

And by the way, if G is dry - fat chance doing a CR at 10c or 9c - it would more likely be at 5/6c.
Don't forget - the market can price shares both above fair value AND BELOW.

I'm stamping my foot in anger that it has come to another cap raising, but so be it.

And those willing to bet the house (or the company - which may go broke if no CR done before spud) on the line - remember that T1 contained a shedload of oil too! And look how well that turned out (-30mill)