Ann: Operations Update - Project Icewine, page-189

He is like a scavenger, scampering alone on a battlefield littered with wounded, sprinkling salt and telling himself that he is doing good. He takes the silence for acquiescence. More fool him.

Jim, Mr market has dealt many 88e holders a blow, however, it is but a flesh wound. A big flesh wound granted, but nevertheless, a flesh wound. We live to fight another day and it will not take long before our eyes turn towards the light in the hill. It may be an illusion, but it may not. We live in a system that encourages risk capital in return for potential rewards of commensurate scale. A bad investment is not one that has very high risk. A bad investment is one that has potential rewards that do not match the risk. Likewise, a great investment is not one that is risk free, but rather one where the potential rewards outweigh the risks, no matter how great they are.

Balancing risk and reward is a personal decision - a point that seems to escape you. More knowledge and information can assist in evaluating that trade-off, but to date you sir (Jim) have made nil substantive and substantiated contribution to that evaluation.

88energy is a great story of attempted exploration and discovery of huge resources slowly being unfolded. The engineering, scientific, geological and environmental challenges of that journey are matched by the challenges of a financial environment of short term focused capital markets made up of participants who almost without exception, know less about the levers of success than they should or would like to. Nevertheless, a market exists and is the primary benchmark used to judge the scientific progress.

That Journey has not ended, though the route may be different to what was first envisaged. We live to fight another day, for those that choose to.

All IMO. GLTA.