Hyperdynamics Corp (HDYNQ)

[phxdishman]

Well, the exact level of the equity is probably not that important to the market pricing / underwriting. Lascar probably meant to indicate that they would need to at least cover the $18M in drilling expense for Fatala.
I had posted some rationale elsewhere regarding the lack of earlier equity raise-- short, bottom line summary is my guess is that they couldn't get an underwriter to handle a stand alone (i.e. with no drilling partner) equity raise, particularly for an extremely dillutive amount--but that's just reading between the lines and interpreting the conference call (BTW- it seems to me that you have to listen very carefully to what Ray says -and doesn't say- as it is often very carefully worded--almost Clintonesque--especially in the prepared remarks).