aoi's response, page-8

maybe the penny has finally dropped for me - too many promises and never a delivery. I really believed Puntland would be drilled but every update from AOI seems to move the target dates. Puntland is just looking too hard, Sopie's response says it all. Will the conditions ever be right? unlikely.

The UK traders have certainly been buying the story, Smith that is, they seem oblious to the history or to the fact that Puntland is what the company is really all about.

Yes I agree the cash burn/wages bill will ensure cash flow from Smith and subsequent wells wont go far, certainly wont go towards the development of Georgia or Puntland. More share issues will be the flavour of the day. $10m worth already rubber stamped.

Sophie's email response gave a true image of where the project stands - dead in the water. There will be others that will argue that mobilization is happening now or next month and they are still targeting drilling in July or August - reality is something else.

I now believe there will be no drilling in Puntland this year, of course be glad to proven wrong, but with 3 to 4 months required to setup/mobilize they would need to get started no later than July/August - thats only 3/4 months away - just cant see it.