RE: 88 news11 Dec 2021 12:26
Ha - well we can all view things through a simple lens...like our neighbours- at least they didn't waste time and money drilling the Kaparuk 3 times, no flow results and cost 12 months on Alkaid summer drill. Still haven't managed to achieve a farm out (because they are not business people - taking all the risk themselves - because they are engineers who, like lawyers, can never entertain the idea their answer isn't correct) Looking to raise $70m to get things done...and trying to be smart with the convertible bond issuance rather than straight dilution...oh, if they don't have a positive result from operations this year, they'll have no cash to service the convertible debt so how will they do that...dilution and the share price would mean that dilution could be pretty serious as the market will more than likely price the shares on the assumption of full repayment (eventually) in equity and the market share price would be considerably lower than here as they'll be all out of prospects...maybe even back in the 20's or lower. Glass houses and all that buddy. Both are risky and both have not so far fully delivered....thats the reality so less blinkering and more objective views are needed. Right back on filter...