Horizontal update was very good and I have to thank PSI and...

Horizontal update was very good and I have to thank PSI and MrPosh for very valuable insights. I think it is looking very good.

Re placing, not as bad as we thought $0.085 and $3.5m, plus the options at $0.14 for another c $2.9m. So that a 21% dilution for c $6.5m.

Carmichael were involved so they would have tried to maximise the price given the stock they are holding and it would have been at the best possible price given the fire sale.

Looks like the Directors have learned an important lesson on getting their financial planning right and the need to “effectively” communicate the value of their assets (not just inform / display, need to think outside the norm) “continuously ” to the market rather than an adhoc basics (the trick is how they do this).

The company has to stand out from the herd of other listed junior IOCs if it wants to attract chunky capital at the right valuations.