Ann: Trading Halt, page-136

Wise words, zac - we don't know the full story, which will unfold in time. Yes, we were led to believe the CR would be done on good results, but circumstances change and boards must remain nimble. Phillip believes it's a mistake, as do others here. I'm not so sure. The Chairman told the AGM our biggest threat was to appear financially weak and therefore easily exploited. For whatever reason the board has decided now is the time to beef up the treasury and I'm happy to go with its judgment.

If only half of what I'm hearing from good sources is true, we might well be sitting on the World's biggest discovery of the past two decades - maybe longer. Proving that, though, means staying alive for as long as possible without diluting ourselves unduly. We are now in the game for another 12 months. That's six wells - including possibly two discoveries - enhanced seismic on current prospects, seismic on Djiferre, a reassessment of GB prospects, and (I think I'm right in saying) the first exploration well in GB. That program represents a potential stack of value and IMO is well worth locking in now, thereby immunising ourselves from preemptive takeover or unforeseen disappointment.

Time will tell, but I suspect today's dilution will turn out to be inconsequential in the grand scheme of things. What did Malcy say? "It's a colossal find."

OOO