You really should understand how to read and analyse company balance sheets along with market psychology more before you invest in speculative issues.
This company has always been cash strapped, and will continue to be so throughout its life. We have yet to see a fully articulated plan of the road to revenue and full monetisation of the resource. Whilst I maintained that wasn't absolutely necessary prior to flaring and proof of concept, the management should have had a plan that they could show to investors immediately upon this event. It should have been announced at the same time as the flare news, which would have helped mitigate the inevitable sell-off. They have been working on this for years! It wasn't as if they didn't know, but as yet, there has been nothing.
To return to your statement, '"Yeh thanks for backing us but now we want more $ for the shares we gave you." How the hell does that happen in business???', and to your question of what are you missing?
You are missing the understanding of what this company is, and why it sold off on this announcement. Its a money pit for investors. And the sell off came because some investors know this. From this point on, the cash burn will increase quicker than the burning coal. Whatever the plan going forward is, a hell of alot of money is required. There is a BFS to get through, the building of whatever plant is required, the employment of suitable personnel, and on it rumbles. The salient question is whether the spend for this exceeds the revenue from the sale of gas. How will this be funded? What is the only real asset the company has?.....yep...that's right.....equity. Which is why we are going to get diluted more than the berocca tablet we will need to put up with the indigestion that is yet to come
The management of this company has a history of looking after itself and their associated related parties. (Seriously, an increase in NED fees???) before they consider minority shareholders. Just look at the directors remuneration schedule and stock option placements before you start slandering individuals with ridiculous innuendos.
