Ann: $50m capital raising to accelerate developme, page-16

re: Ann: $50m capital raising to accelerate d... EL,

I think it is still very much a bet each way. If someone was to acquire BOW. They are still acquiring a very very valuable asset in a power generator. In my mind, that power generator is EXTREMELY valuable when you consider whose fields are next door to BOWs. Consider the gas ramp up issue and how it will be treated.

I am not as concerned with the dillution, it was to be expected. We just have to share our base with others now, who are helping us get where we need to get. $70m is a considerable cash base when it could even go as high as $100m with max participation.

SF