Ann: Operations Update - Project Icewine, page-214

Naki, I am not sure the finances are any where near robust enough to deliver what you are hoping for.

At this time we are still waiting for tax rebates to clear the BOA loan. If we get told you have no rebates but you have tax credits then we are in deep trouble as we need to raise finance just to clear the debt, guidance was given in the last financial report.

Assume we do get the tax rebate and BOA is cleared.

If ice 2 does not deliver then we have a Jv for the two drills in the west, How much capex we commit to that venture is not yet known, but we do not have the finance to do it on our own. the options will not be worth anything, they may not get taken up.

If ice 2 does deliver than an increase in sp may see a cash raise with a buy in, like Pb guys did earlier. May be an open market placing. which ever is regarded as being the most accretive.

There was a time that they felt there may be surplus capital funds for a 'post hole' in a conventional play. I think most of us thought that would be alpha, prove it up and flog it off at 5$pb that takes care of future funding, debt free etc. I think that opportunity has now passed us by, for now.

I am very happy to admit that I do have concerns over the financial side