Those are all good points.
I'm a little bit skeptical that Peregrine/Umiat can be counted as hard assets at this point in time, given that environmental issues have halted COP's Willow project to the north. The sizes of the reservoirs in both Willow and Umiat/ Peregrine are for sure a positive.
Usually, as seen with other capital raises, it is not uncommon for the stock to move closer to the financier's stock price level in this case .028 Aussie dollar, or am i mistaken was that .028 USD?
I'd be more thrilled to see 88E capitalize on development of one of their projects. Nearest to development makes the most sense to prioritize, and they are probably working on that too.