jv developments, page-6

I wouldn't be surprised to see ROG introduce a large cornerstone investor very soon, probably after they issue Cydonia with the rest of their shares. They could then issue 200m shares, albeit at a much lower price than they would've intended. The first well was a big kick in the guts and no doubt has changed the game plan. Good results may have given ROG greater choices in the short term but now they have to do whatever they can to meet their ongoing commitments.

I have no problem with further dilution if it allows ROG to stay in the game. I reckon the postponement of the next well is more about conserving cash than a lack of confidence in their land holdings. Companies are no different to individual investors inasmuch a good first up result gets you off to a flying start and a bad result sees you with reduced capital and a lot of time and effort to get back to square one.

ROG will do what they need to and shareholders just have to accept the situation has changed. I am still confident management will get ROG through this immediate problem. They drilled as they said they would and it didn't come up trumps. No big deal. The CTP announcement was very positive and may help ROG recover some of the lost ground from their own results.

Life's all about taking chances. Sometimes they come off, othertimes they don't. Better than sitting around wondering what if, like many small companies seem to do.