From LSE on proposed raising, page-74

Guys I understand both sides of the argument re cap raise timing. The company has previously made bad decisions in timing of cap raises imo so I guess they wanted to be on the front foot prior to reopening the well. 50/50 chance. If fails SP will be hammered and we would be broke from June onwards. Now that’s something to be concerned about.

If this happens then company even with good news from the 2 surveys won’t change SP from being back below 2c. Cap raises at 1c bigger dilution.

So what would the company do if this is the case. No money and then beg for cash after June or worse still sell parts or farmout at far worse terms than any of us would like. Please look and understand the bigger picture. As I have said before this well is a concern to me.

So in my opinion it’s prudent to raise cash prior so we can survive and prevent giving big parts at unfavourable terms down the track.

The big picture has always been aggressive drilling and plenty of conventional wells in 2019 and Yukon Gold area.

I do not agree with a 3.7c discount it has to be above 4c simple as that. If they do cap raise below 4c then this is a big slap in the face to holders. They had many months to plan and implement a rights issue for all holders. Blind Freddy could see us hitting 5c prior to reopening well. Plus company wanted holders not to vote down rem report and then hand the London vulture toffs a huge discount. Not good form in my opinion. This cap raise could have been done a lot better in my opinion. I get that time is critical and rights issue takes 6-8 weeks. So understand issue to SI’s. Company is damned either way.

But confident that it’s prudent to raise cash now. If well a success then great. If not we would be struggling to survive then we would have something to seriously complain about. Just look at big picture here. SP will go beyond 6c in coming weeks and who would actually care who got cap raise or not.

Big picture guys, this business is very risky and needs cash to survive simple as that. GLTA.