Ann: Quarterly Activities and Cashflow Report , page-3

Can't say it is looking excellent.

Tunisia - COE report states that the drilling of the sidetrack won't be completed until early 2015 (have given up on late 2014). They also state that the data room has been open but the best chance of selling the Asset is after the sidetrack (I read this as no one is interested at the moment).

Nigeria - seems to be (no) progress as usual. It sounds like the new seismic might delay the development as the JV may want to have the results before bringing the drill rig in. The dates keep on slipping for this project. Drilling was initially possible late 2013, then early 2014, now I am not even sure it will occur until 2015.

Somaililand - still waiting for Genel to return to the scene. Hasn't changed since the last quarterly. Update doesn't make it sound like it is going to change soon either.

Tanzania - the only area we seem to have actually made positive progress on. Would like to see the report delivered in December. Looking to for farmout partners but I'm not sure what value anyone ascribes to this asset?


You can probably tell I'm a bit down on this one. I still hold but will consider selling out at a massive loss. I do not see what the drivers are for value accumulation over the next 6 - 12 months. Apart from seeing $1m in cash be burned in admin costs what will the next 12 months bring us?

I'm not normally one to blame management but I believe the share price would have been around 10 cents if we had have stayed away from the TPT merger and continued with the Convertible Loan facility. I expect this will drop below the raising price once re-listed.

Also why are we suspended? Isn't the raising underwritten?