Reflections on OOO's AGM reports

Re-read OOO's AGM stuff and its revved up my enthusiasm no end!! Really looking forward to meeting the FAR team at the Sydney presentation. Three things from OOO's report jumped out at me as very important:

1) The discoveries are BIG. We have a tiger by the tail and will need to be nimble to stay in the game. We are not giving out more information so that predators can't take us out too early and so that we might be able to pick up MORE territory (perhaps also in JV with COP and CNE given how we are held by them in high regard).

2) We need capital so a CR is likely prior to appraisal (smaller via shareholders) and after successful appraisal (larger with institutions). OOO's suggestion that we load up now to avoid dilution is a good one because most rights issues to shareholders are restricted to an amount of $s ... say 10,000 shareholders partake at say $5k = $50 million. If its at say 15 cents (I hope) that's a maximum of say 33,000 shares. I assume many of us have a great deal more than that so to avoid dilution (given the share price will most likely fall towards the issue price) we need to buy plenty now at 10 cents. The exception to that would be an unlikey but hopefully possible issue at a premium to market.

3) COP will take over the project. Its one of the world's largest independent oil companies. They will not be happy with 35% as operator. We will receive serious offeres according the the Chairman by year's end if appraisals go well.

The other thing is that the JV is already stating that we have over 1 billion barrels of risked resources (that's actually DE-RISKED). This is way bigger than Jubilee was at this early stage and it doesn't include much for FAN at all ... and its was the original Jubilee analogue!!

I'm feeling very postive as I'm sure you can see. I won't blame the red wine, and I won't apologise either!

H