something to muse over, page-23

Hi Guys,

Yes, two rigs will be running, there are numerous options to achieve this, get the existing company to operate the company owned rig, sell the company owned rig to them and get them to operate it etc... No firm decision made on this by the intention is 2 have 2 rigs on the go regardless. They may simply continue with the company owned rig also, no firm decision has been made however my understanding is that is more expensive to have an expat running the company owned rig than having an external contractor doing it. I was critical of this decision when I spoke to Tim at last years agm however it appears it may have not be entirely his decision.

Matt has also confirmed that he has complete autonomy on the Geological side and other than the odd suggestion has been just left to do his thing with the other geos to uncover things. He wants more rigs but understands the current market situation.