Ann: Share Purchase Plan Closes, Oversubscribed, page-12

Hi ErgOphObia


That might be the way it goes i.e. more CR's off a rising price .... and it might not. Management has employed a mining services company to look at the economics of doing an open pit on Hobbs Pipe 1. If it is feasible SOC wants to become self funding for exploration. That operation would not generate anything for a dividend etc. but it possibly will pay for all of the exploration.

Even if it does not go that way .... Bergen drove the price down to a really stupid level. Provided we get some useful drill results I do not expect further CR's to be anywhere as dilutive as this one has been. [With Bergen out the picture a lot of value has been restored to our earlier, pre Bergen, share purchases]