the thing you are all forgetting is the date for the rights...

the thing you are all forgetting is the date for the rights issue has not been set.

if our fearless leaders ann some actual numbers of stable flows per day that is going to market from the first 2 wells this will put a rocket under the sp.

this indicates they are getting it right and are producing some cash and not dipping into cash reserves as much. so to say the rights issue will be largely unsuccessful is bull dust at this point in time.

if maybe the sp rallies to say 30c before they set a date for the rights issue then i would think people will happily pay up. even ody may look at selling a few on market to take up rights. and i think there will be a lot of trading to get access to the rights.

at 30c ODy would only need to sell 25% or 7m shares to take up their full entitlement and get their fee oppies as well. this is a lot better than just doing nothing. so their holding would only be diluted by 15%rather than 1/3

the most valuable thing will be the oppies cause they are free and will have a 2 or so year life span and if we get the 4-6 wells producing the sp will be way above the 25c. by this stage i think they will just form part of your capital gain on TAKEOVERRRRRRRRRRRR......

the other factor that i would like to know is i think the directors have really backed then self into a corner. How many performance oppies will they come back for. the sp will have to get moving for any holder to vote yes to reinstating their oppies. so again if the sp is at at say 30c they have to be listed out of the money at say 40c how many will they put their hand up for? the 40 odd mil that expired or 60 odd mil that they will need to get the same skin in the game if the rights issue has been done.

i think there will definately be a bit of backlash if they come back for the 60m. I have spoke with PC on numerous occassions and he said the oppies would be voted on at the AGM but as the SP has turned bad they have to get shareholders on side again before they can do this.