nzo 1.54 in nz, page-9

I think there is a real move towards oil producers at the moment. I'm not talking about a few dinky day traders or some margined out johnny come latelies. I am talking about some serious investments dollars starting to have a proper look at this sector.

I would not be surprised to see a major institutional broker step up to the plate and partially underwrite the options expiry (for a fat fee of course). They will be able to get their clients into a solid oil producer with upcoming projects still to come on stream and potential drilling at a fixed price without having to bid in the market.

And I think all it will take is a reasonable Tui reserves upgrade to get the options expiry in (and maybe for oil prices to stay above $100), although I must agree $200M is a big chunk to raise in this market.