egm updates, page-108

Karl,
I suspect that one of 2 things will happen between now and the 17th July. Either i. a JV or farm-in will be announced (with in infusion of cash for past exploration expense as part of the deal) or ii. the company will place an additional 15% with insto's

I have said for some time that we will need additional cash based on our forecast expenditure commitments (acreage retention being a BIG and imminent expense over and above the 3D and possibly further drilling) - I can't see any other way for that to happen.

If we raise the necessary cash via ii. then I suspect Palmer has no chance of matching the anti-PNPL lobby in July other than buying on market. (in this scenario, the anti-PNPL lobby will have its arsenal increased by 200M shares).

Many may question a further capital raising right now - I don't - we are now fighting what I see as a hostile takeover by Palmer and measures which may seem unpalatable to some may be needed to see him off.

As far as the continued vendetta against Askin et al is concerned, I suggest that the majority of shareholders (shares) have spoken ... and at some stage, ALL shareholders must accept today's outcome ... and either put their support behind the Board that has been democratically elected or sell out and go and play in some other sandpit ... further contrived instability will kill this company.