message from the uk today

Its now so obvious why the share price has fallen back to 3p with Texas news converging on closure of RI

Allows Max Capital to be dealt a nice hand

And the EGM!!

The EGM Resolution 6, allocating each Director irrespective of length of tenure or apparent input into the daily affairs of Range 15M options each at a strike price of A$0.10

Now whilst I think some are deserving I also think it should not be a flat allocation to all, but more importantly it explains why the price has fallen back to the RI price

The Directors have to put their own hands in their pockets for A$1.5M each as they are unlisted options, so I can understand they didn't want any news from Texas to excite the market too much until this notice of EGM was made. If you think about it, say news on Texas was in the market and the price was 10p or approx A$0.15, meaning for the same number of options and requiring to be 5c out of the market, then Directors would have to find A$3M each

Now from a purely personal point of view looking after oneself first is much more important than caring about the wellfare of the other person, normal human greed working well in this situation.

However, now we have all this on the table and somewhat out of the way, the positives are the Directors have that greed factor that will now work in normal shareholders interests as well now because they also now have the want to make a lot of money out of this story

The news on Texas is obviously imminent and I think you will be blown out of the water with the results, they aren't so keen to drill #2 in April purely because they found 100bcf, my guess is its more like 2-3 times that amount.

The key indicator here is Resolution 5, the raising of A$10M and nominated within 3 months of EGM with the normal get out clause could be extended in time, however 3 months is where it will be as far as I am concerned.

I have said 18-25p as a forecast, I am feeling quite happy with that projection

The powerful little fingers have been working very well to date and now its just a matter of time until the main act commences to play..." Posted by MegaOil on iii board today.