Wilsons will only underwrite the options after due diligence therefore they are not as yet committed to buying. The X factor is what premium they are prepared to pay to pick up 12% holding in the company knowing that with $5.2m in the kitty, that equates to at least 2 wells, and one would have to be on our lease next door to the 400 bopd well, then the SP would hit new heights so 10% discount would in my opinion be a reality (9c. now is is a 10% premium) that makes them almost live now to Wilsons. This would be an easy way to pick up 12% share holding probable the only way they could do this. I only hope that OB holders get the share price above 10c. by option time and at least have the chance to convert first.
TEX Price at posting:
8.8¢ Sentiment: ST Buy Disclosure: Held
