The start of the pump and dump., page-11

Hi Kip, so to use this rationale may help in highlighting the concerns some of us are having at present. ie. the placement was to be circa 2.5mill and up to 3.5mill. Yet when there was an over subscription they decided to take an extra 1.5mill and inturn issue even more shares/options......now, something just doesn't add up here to me, maybe they didn't completely piddle their own pants as you put it, but there's something going on down there wouldn't you say? 

Yep, sometimes things don't go to plan and budgets aren't met, cost overruns etc. are part and parcel of the O&G game and I'm willing to forgive them for the oversight (for the second time in 6 months) and need for a quick fix, which is I'd say, the main reason they had to raise at such a hefty discount plus the sweetner options. But....being on the cusp of such company making events and with various funding options available why give away a further 5% of the company so cheap? I was under the impression this was to just raise some working capital to shore up the books until testing/reserves are completed (as we'll be in a strong negotiating position and if needed can raise at much higher prices), which as we are told, is only a matter of weeks away? So again, why the need to add the further dilution when everything is on track for a short term re-rate with funding options on the table? The sceptic in me might say they're not as confident in the well performance as first thought? But hey that's just me and as you know I've always been overly cautious and conservative in my approach.......i guess we are the yin and yang  As i stated, I've taken a large percentage of my investment off the table as I'm wary now of how likely we are to see any significant gains going forward, in saying that of course the more the merrier but to me the bar has been significantly lowed here now. 

On the OA's, it was just my interpretation of the listing rules (under section 6.23.3) that states "A change which has the effect of reducing the exercise price, increasing the period for exercise or increasing the number of +securities received on exercise cannot be made." I'm sure, as has been written here, that there have been companies who have successfully applied for a waiver in the past. I'd only be guessing (that is why i asked if anyone has had experience with this in the past) that any successful applications would've only been approved under extenuating circumstances, otherwise, as also pointed out here, it would just open a pandoras box. I'm just not sure what our extenuating circumstance would be to gain approval? I don't think "we had timing issues" will cut the mustard, so hopefully they've got a more substantial argument for extension. I am hopeful for long term holders though, good luck