I was also at the meeting yesterday and think the summaries of...

I was also at the meeting yesterday and think the summaries of micam & DJR are spot on - thanks boys for your thorough analysis.
I am a fairly new shareholder, with absolutely no technical knowledge, so appreciate all the input on this forum, particularly from the likes of stapleman and Tshirt - keep it up guys.
My purpose in attending these meetings is not to influence the decisions - I don't own the no of shares that would allow this - but to get a sense of whether management know what they!re doing, have a vision for the future, are honest, and are acting in the best interests of shareholders. For me, Ken and his team ticked every box (and a few others I didn't know I had!)
Undoubtedly, Ken is a very capable MD, and I feel very confident that Neon is in safe hands. IMO the Company is being managed with shareholders' interests at heart, unlike many on the ASX.
Without compromising continuous disclosure rules, Ken was open and frank about all aspects of the Company,and more than willing to answer all questions from shareholders. He came across as somebody who loves his job and is not there just to pick up his paycheck every month.
Stlamc :-
1) After the meeting I asked Ken what the capital raising was for. The main reasons he gave were:
a) For working capital - the problems at N. San Ardo has meant that, in the short term, production has not been covering day to day costs.
b) The additional lease at N. San Ardo.
c) At the Good Oil Conference in Sep, a number of institutions had shown interest in the Company, and a CR was an opportunity to get them on to the register.
d) There was a feeling that the prospect of a CR was weighing on the stock price, so better to bite the bullett and remove that pressure.

2) ENI is VERY much actively engaged in Vietnam, and is driving the project much faster than Neon could. They have much more influence with the Vietnamese government, and are making things happen.

Finally, I have a contrarian view on California:
Reading between the lines, Vietnam will be the game changer for Neon - California is the cream on top. For that reason I am happy for California to be delayed, and the results to be good, but not exceptional. My fear is that exceptional results may trigger a takeover bid for the whole company, before the full value of Vietnam is understood and factored in to the share price.