Ann: Whitebark Energy Notice of General Meeting, page-18

The placement deal is on .
Both companies meetings had overwhelming support .
They have plenty of cash to drill more wells now and TEG shares able to be sold via an orderly marketing arrangement if more cash required .

Their JV partner and operator needs the cash flow from the Wizard as much as WBE and appears to not have a lot of cash .
They need to sort out the partition rates for the next 3 wells and start drilling .

Even if WBE drills the next two wells 100% it is of big benefit to their partner because it will prove up additional proven resources which will make it easier and cheaper to get loan funds or raise capital.
However the key to the future for both companies is to get cash flow positive and there is only one way to do that .

Let's get drilling and putting the gas into a pipeline and carting the oil to the refinery and putting money into the bank .
There just has not been enough of that up till now !!!