call for funds., page-12

Early exercise of the options gives only $3.9 million and frankly there is no great incentive to exercise until the piggy back options get issued and listed. You need a spread of 50 holders of the piggy backs before they can be up on the ASX. Net they may get a few sheckels short term but not enough for any significant program.

The contribs-always worth a call however potentially too many parties associated with the board hold these and they may not want to convert into the more liquid cousins at the moment. Plus a fair few held in the names of deceased estates apparently. A call on these results in an auction which can be both interesting and messy. (You do not have to call the balance, can just call say 10-15 cents?)

My guess is the simple route- a placement once the technical picture has been clarified a bit more, say post the next DST?

What is in the bank-around $5m? To bring onstream the first little field, bit more appraisal work on current discovery plus some more drilling elsewhere would expect around $15m is preferred= 15% placement at a premium to current prices, i.e. post the DSTs?

Very much a happy holder irrespective.

Cheers,TAS