Ann: Rights Issue Shortfall Notice, page-98

I think s ***aru mentions in his post the majority of the companies liabilities (1.2m) are with the drilling comp. Put yourself in there position and what outcome would you prefer? They have already demonstrated they are prepared to wait and I always thought it was in everyone’s interests to have a drilling company focussed on success to get paid. If they call the debt in now what will they realistically hope to receive?

At the moment between the pittance raised and the fact the drilling company seem likely to hang in a little longer we have an opportunity to find alternatives and this at the moment is our lifeline. It would be great to secure a cashed up partner for say 50% of the estimated drilling costs to complete the programme and ask shareholders to stump up the balance. This is the best option available as we have all the permits and licenses in place to continue and complete the project.

As it stands I am optimistic but there are way too many variables to call it one way or the other.

Good Luck All