Have not made up my mind yet, but I'm leaning towards takign it up to minimise the dilution. Hopefully they use the cash wisely and not poke around for more tight gas play in the Gulf region, where margin is low and rate of ROI is tens of years.
It does bring comfort to me to read what ITC was saying about what they have learnt from Mirage - where they drilled M2,3,4 Lightning and JIndivik without doing the proper homework, and burnt a shed load of cash for nothing. As operator, I hold JK personally responsible for that c*ckup. Now, ITC sounds as though they will be approaching Growler/Wirraway in a more systematic/logical manner, let's hope commonsense prevails over JK's need for drill.
To be honest, bearing in mind that JK's contract is up for renewal at the end of next year, if VPE fails to deliver satisfactory result from Growler development, I am pretty sure he'll be on his last leg anyway. And all his useless entourage of directors will probably be fired too.
618
VPE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
