RE: ATM to Replace POQ7 May 2024 21:28
The reality is that going in at 5% or 22% might affect our sale price but it has nothing to do with our current share price. Tamboran are in the crapper too at 16 cent Australian and they picked up 50% of our 17.5%. theses next 6 wells sound like they are going to be the most expensive wells ever drilled in Australian history let alone the Beetaloo so being at 5% will have saved a lot of dilution whether you like POQ or not. It might reduce the final sale price but I'll bet it's likely to end up being a similar figure for us all at the end of the day. Like 500m offer at 1bn shares issued vs 1bn offered at 2bn shares issued. I know we keep saying it....wait till the next well. But let's face it all wells up till now have drilled and managed by numpties. We now have a crack team who have drilled a successful well albeit a shorty. It's enough to put us on the map but until we drill at least 6 wells in a row with decent flow rates that hold over 90 and 120 days no one is putting a decent offer in. The positives are the flow rates off the shorty were great, the fracking experts want in and bought equity and that is massive as they know rock, and the rig company also bought in for equity which is great and we have a decent team at the helm so while the share price is currently crap (and to be fair that's understandable) things will turn pretty quick if the next 6 wells stand up the geology. And still we wait for the bus to come.