SHE Nice chart, page-20

SHE want as much of Jewell as they can get hold of.... if they had enough capital they would step in for a majority or even the whole of BRK's equity as was part of the original plan.

https://asx.api.markitdigital.com/a...access_token=83ff96335c2d45a094df02a206a39ff4

For their relisting SHE wanted to raise $8 million via issuing 400 million at 2 cents a share to but only got $4.66 million....that left them undercapitalised and the 12 month delay in listing due to lack of interest cost them plenty in terms of lost opportunity with not participating in flush cashflow from the initial production from the Bullard and Henry Federal wells. Now the share price is 3 cents and hot property, you can bet they will be chomping at the bit raise the shortfall or as much as possible at a higher share price ( and with less dilution).

BRK ( via Black Mesa, the US operating company in which they hold a controlling stake) generate and hold all the assets ( excluding the Orion JV and 2 original pre-refloat wells that SHE picked up through their Lonestar Energy acquisition which originally held the well step- in agreement with BRK) that SHE have.

SHE was set up to fund the BRK drilling program via the step-in agreement and Jewell is the key first well whereby SHE step-in to a BRK operated drilling program..... you want SHE to have a meaningful equity position in the Jewell well and $ 1.5 million bucks will not cut the mustard.
Now with the very exciting and potentially company building Bradbury AOI holding, SHE need cash to fund that project.

By the way, had SHE managed to raise the $8 million on time and re-floated when it should have in early 2018, the Jewell well would have already been drilled and producing, SHE would have had a majority interest and there would not have been the need for the SABO trust.

Cheers

Dan