Ann: Galilee Energy Announces $13 Million Private Placement, page-44

I can understand everybody's concern over the slide in the SP. With everything seemingly going so well with the pilot, I'm shocked that we're at 51.5c now, I really am.

I've tried looking at this from different angles and have decided to stick with the company.

My observations are as follows:-

- seems to be weak retail hands selling the stock down for no apparent reason

- volume today was below average so when we have a drop with below average volume, it's not as concerning

- still not getting any notifications about any of the heavy hitters bailing (that would cause me to lose sleep)

- BOD has just completed a CR for a premium SP of 60c with options to go with it at 75c strike price - this reeks of confidence from the buyers' perspective as well as the sellers' (GLL'S) perspective.

- The ann around the CR stated that 'Funding received, despite challenging market and industry conditions, to secure a rig andaccelerate exploration programme'. This tells me that the focus on Glenaras is lessening with the company looking to move on to the next stage in the not too distant future.

- a concern recently aired on this forum has been that excessive water is stifling gas production, we recently had the AGM where Lansom stated:-

  'Seeing large drawdown, direct communicationbetween each of the lateral wells is evidence ofanticipated reservoir shielding'.

  'Material drop in water rates from peaks of over 4000BWPD'.

I look at all of this and think tick, tick, tick, tick with the only negative being the SP heading south. As I said, I understand holders worrying but I don't see any reason to panic and will be staying put. If anybody is aware of any possible reason for the selldown, I'm sure we'd all appreciate if you could let us know. Is there a leaky boat that knows more than we do????