BONTAN CORP INC BNTNF

RE: Moving back UP!

[ajootian]

I believe its a bit of both. As the RayJames guy said they should be hitting TD on the Black Bass well any day now. If they had a dry hole they probably woulda snuck out a PR on Friday afternoon so as to minimize the impact of the news. Regarding the LA, I believe its safe to say that they have the permit in hand by this point, and given what the company told hobbes a few weeks ago I would be surprised if we don't see an update on what is going on with the LA well sometime next week. Regarding funding the cash call, that's the $2.5 M question. When this stock is in its recent downtrend I was worried that this was gonna play out the usual way that Canadian junior resource stocks do, where, when they are in equity raise mode, the stock price gets hammered and the principals just do their own quick little PP and scarf up more cheap paper, which finds its way onto the public markets once the hold period expires. But this massive upmove in the past few days is very encouraging that maybe this has not been the case here. I'm still hoping that the way they resolved it was to just take a smaller piece of the well, vs. diluting us out by issuing more cheap stock.