basically if i was in richard's shoes i would much rather wait...

basically if i was in richard's shoes i would much rather wait until after the options expire and then release the fantastic news of flow rates and oil. By the remaining 35m options being converted raising $10m or so i good but if a massive announcement comes out as expected and the share price hits 60c 90c or whatever that $10m that needs to be raised wont need 35m shares to be issued but rather only 15m shares or so, and keep the amount of shares issued down. Im sure if the directors were so desperate for cash they would have kept the old rig there and finished it, an extra $100k cost wouldnt matter in comparision to the benefit that could be gained by ensuring the options are converted. Clearly if you read the announcements you can see that the directors are in no hurry to release definitive results which valuations can be based on and the share price can rise. If the theory of the directors know the well was dodgy they could just use their inaccurate readings to force the option holders to convert. but they dont want that they want to issue another placement at a much higher share price, 60c + after july.. anyways lets see if im right, dont reply until after 20th july midday.