15m at 1.3, page-12

I probably paid too much for my last snip at the oppies but the long date should ensure a very good return.

Dilution? Yeah ... I expect that with this sort of stock. The key issues are the price of the placement and where the money will be applied. I have no problem with the placement price. On the downside, admin costs look a bit high and a bit of triming may be warranted, that is unless it can be justified in terms of production and drilling ramp-ups. Using equity to push down debt in the context of poor prices was the only reasonable thing to do at the time. If higher price floors can be maintained, it may again be feasible to tap the line of credit for appropriate purposes.

What is really significant to the SP though is the ability of current prices to potentially put this company in the green from an operational perspective.

Cheers