we're speculating on what the fund raising RNS will say tomorrow - will it be equity funding or debt funding .. ? Who knows but the money people.. Theoretically one method should depress the short term SP and the other method should depress the short term SP. hold on.. I meant raise it! I think....
They are all talking about the unmentionable welshman named Dai Lution and the disastrous effect it would have on the current SP unless some other financial deal is being worked to give oilex the funds to go forward, drill and develop the field into something of value.
On 1 August 2012, amendments to the ASX Listing Rules came into effect to facilitate capital raising by small and mid-cap listed entities and strengthen ASX’s position as a leading global exchange for emerging companies.
The framework allows small and mid-cap companies to:
* Issue up to 15% of their issued capital without shareholder approval (Listing Rule 7.1)
* Issue an additional 10% of their issued capital (at a maximum 25% discount to the market price) within 12 months of shareholder approval (Listing Rule 7.1A)
* Make additional issues within three months of shareholder approval (Listing Rule 7.1)
Whatever eventuates we still have Bhandut scheduled to come online in July, 77H scheduled for August and two wells to be drilled by years end. Although the sp is a disaster and there continues to be an appalling lack of transparency regarding progress so far the mooted deadlines have been met.
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