high island well

Hi all,

I have been taking a look at GRL and they look to have an excellent opportunity in relation to the High Island project in Texas.

Does anyone have any information about the potential value of this well if successful?

While there aren't many shares on issue now - 29.95m, this deal will result in GRL issuing 8m shares to Aurora, then 6m if the well is successful plus another 6m if they enter into another project with them. There will also be offered an equal number of options at just 1 cent.

This would result in the issed capital of GRL increasing to 69.95m shares or a dilution of our current holdings by over 50%.

Does the potential of the project justify a 50%+ dilution to current shareholders?