Pilot raise $2.2 mill in July at 1.7 cent (a 17.5% discount to...

Pilot raise $2.2 mill in July at 1.7 cent (a 17.5% discount to their 2.05 cent share price at the time). Back again to the well with another raising in less than 6 months. This time the share price is 1.7cents so I’m guessing a 1.5 cent raise and free options.

That Cliff Head asset sure must be pumping out the cash!

My bet is that Triangle will raise soon to complete CH10 because they need the production and cashflow to keep the operations going whilst they wait for the Greenhouse Gas Storage Formation declaration from NOPTA (or maybe not)

Have a re-read of the Cliff Head JV restructure. It all hinges on the above declaration from NOPTA. Effectively Triangle is PAYING $1 mill to Pilot so that Triangle will have the option to withdraw from W-31-L completely or just stay with 40% and non-operatorship (Triangle currently have 78.75%). The flip side is that no declaration and even Pilot doesn't want extra equity in WA-31-L. The fact that they want Triangle to pay $1 mill tells you it is currently a BIG liability.

If Cliff Head was so "money positive" great then why do this deal?

So you are backing some 3D seismic - doesn't seem like a sound investment to me.