placement, page-18

ASX300 would need to of reached an SP of approx 1.50-2$ in february to get the VWAP up enough to enter.

As for trader888 -> they didnt _have_ to do a capital raising, they chose to, and its a smart move as initial capital expenditure can be turned into value very quickly.

The main point about capital raising today, versus a slow ramp-up is Oil Price, management are getting value for the high oil price currently and predicted for 2012. if they can double/triple production by june, they will have capitalised on the high oil price.