I agree it seems overpriced given the current market and there are some out there trading at cash backing. On the other hand if they feel that Osiris has better ground then that is all important imo. Sinking these wells is an expensive business so it makes sense to reduce your risk as much as possible. The cost of Osiris is probably around the same as a failed well.
What is vital is that the cap raising is done at the highest possible price - they *must* get rid of the remnants of that ANZ stake or we will be stuck here for ever. Its a shame it couldn't have been removed before striking this deal but I guess they had to act sooner with drilling time approaching.
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