bit of reading...between the lines, page-32

D234

I have a few Q's - I wonder if you can have a go at answering please?

You mention that ESI have a small EL of BC in LV. I believe there will be more dilution of ESI shares to pay for this as has been ann'ed.

Nevertheless - I'm curious as to why ESI would feel the need to take a small stake here when they have an agreement with LY (this has been spruiked constantly by the ESI faithful) and access to 7 billion tonnes of BC?

Also, if they explore for BC at this new plot and find some, where will the Coldry plant be built - at LY or on this plot? If on the plot - where will the heat come from? If at LY, will they truck the BC there?

Sorry - getting ahead of myself here.

The Coldry plant - how much will be required to be raised to complete DFT2 and DFT3? How much share dilution will occur to achieve this?

The Coldry module itself - I believe $50 million has been mooted - where will the cash come from to achieve this? Will this also create further share dilution? How much dilution do you think? I suppose what I'm asking is that once DFT2 and 3 complete what will the SP be and then divide $50 million into that (with a discount of course).

Also, what royalties will ESI get from selling their tech? 5%? 10%?

With these royalties, what amount of royalties will need to be recieved to pay back all capex, operating costs, etc.? When will ESI commence turning a profit? How many years is that away?

So really - how many shares do you think will be an issue by the time Coldry is commercial and how long is that away?

I appreciate that it's a lot to take in - look forward to your A's.

Cheers K