holders, decided to put manipulation and accumulation aside and...

holders, decided to put manipulation and accumulation aside and reconsider possibilities at the moment.

been wondering about the funding David is working on and the Baillieus coverage.

RFE had $4 million cash on hand as of 31/12 of which $2.2 million was converting notes not issued

in my eyes this would mean $2.8 million of the $5 million raised would equate to the purchase of 12000 acres, meaning the acreage buy price was $233/acre

assuming the latest 6000 acres were purchased at $233/acre this would have reduced funds by another $1.4 million.

in that time seismic has been arranged so further costs are beginning to accrue, not sure on the cost to survey 11 640 acres blocks but its not cheap.

so the fundemental question is, with a target of 5 wells this year, how is RFE going to pay for this?

this brings us back to the mentioning of further funding arrangements, possible JVs etc and the initial converting notes possibly being issued at 35c.

have professional investors, and i sure hope there are a few with their eye on RFE, are these guys looking at this price now because we have yet to see funding agreements.

perhaps a future catalyst will be the announcement of funding deals which will derisk the whole play to a degree.

has Baillieus coverage not been forth coming yet due to a lack of announced funding, ie are they waiting for funding before putting a figure on RFE??

could Baillieus be involved in the arranging of longer term funds hence no coverage yet??

has the market drifted down to 35c on the back of this being considered almost as a capital raising price back in December??

folks, any thoughts??? trying to keep it semi positive.