pattersons research note re $1.03

Have been following the thread re the new research note plus the thread re need for a capital raising

This is an extract from pattersons note,which I assume if history is any guide AZZ will shortly post to their website.

"AZZ to push ahead. AZZs forward program has potential to unlock substantial value with a further 9 wells planned for 2010 and the results from the first 3 wells (subject to timing) to be included in its reserves assessment at the end of March Q. AZZ had $1.7m as at the Dec Q following $9.3m in expenditure on the well, gas trunkline and fracc pond. Costs for the 2 upcoming wells in the March Q are ~US$10m. While we modelled additional equity of A$50m into our valuation over 2010/2011, we would anticipate debt drawdown and or small capital raising shortly, to meet immediate requirements."

If they are correct than there will not be a huge dillution effect in the short term IMO