PCL 0.00% 0.2¢ pancontinental oil & gas nl

capital raising

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    Notice a few on this post lately mentioning capital raising imminent. Have a few thoughts on this & would like others opinions.
    We have recently negotiated a 3 month/12 week extension to the current license year which only extends the second year of agreement through to April 2011 by which time we have to commit to drill a well. If there is no committment we face a further extension or loss of the licence on L8.

    A further capital raising without announcement would be suicide, the volume potential in Kenya is what is holding the SP. I would expect to see a few more of the big holders like the one selling 500K a day minimising or decreasing their risk the closer it gets to the set date.

    Those waiting for cheaper shares in capital raising to top up may be disappointed.

    Still confident both companies are doin everything possible to get this over the line after spending 10mil last year on seismic & current interest in East Africa. The lure is out but we need a fish & the weather is closing in.

    Any thoughts (DYOR)
    Home from the drive (800Km) TCG & the bear is out of the cupboard but only just.

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