Thinking out loud again, apologies. Regarding the options (PCLO) which are coming up to their expiry date (08/08 - just over four months' time). Exercise price of 1.2c - I believe the ordinary shares will be well above that by August on rebound alone, plus more positive news from Galp on Mopane-3X and Rhino will certainly assist. Should we have a super major / NOC by then (which I think we will), 1.2c will be long gone.
From the half-year report, 492,549,998 listed options on issue. If exercised at 1.2c, that's $5.91m into the kitty - more than enough for staff and admin costs until we get gobbled up imo. If we need to fund a second well down the track (assume super major / NOC only drills one well to start with), a CR will be required anyway (e.g. 25% (assumed holding post farm-in) of drill costs). Therefore, perhaps we don't need cash as part of the initial farm-in deal? Perhaps best to skip the cash component and instead hold on to a greater portion of our 75%?
PCL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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