rights

We have until the 22nd September to decide. Maybe a day or two earlier depending on mode of payment, eg BPAY.

Its the 7th today. The record date has passed and the prospectus is due to be mailed out starting tomorrow.

Now, we know the 90day trial will end in "early September". All indications were September 10th, if no days were lost since last update for weather or maintainence.

Now, the last meaningful update was 30/7/2010 activity and cashflow reports. It gave an insight into the current flow rate and the amount we were recieving per barrel.

Poor form for no update since IMO.

Question is, will they update between now and 22nd or are they perhaps dicouraging us from taking up the rights? Maybe they want Waterford to get more and then release news?

We seem to be holding firm at this level. Their is pressure, but its holding. IMO the bigger pressure will come in early October once new shares have been issued.

People will sell down. This will combine with J50 being shut in for maintainence and installation of pump etc. So, possible a couple weeks of zero production and zero news in combination with selling of excess shares.

Still think it could slip to or below rights price.