artemis rig, page-43

Hi anatol

Regarding an SPP, I think management have left it open so they can have a CR buffer should they go it alone and A#1 is successful. They will need funds for 70% of further wells.

It may be more prudent to have a CR before the spudding of A#1 so that if it is a duster they have sufficient funds for 70% of any follow up wells and backing for the 'other existing or new projects' they speak of.

It will be problematical if CUE will want to participate further and whether MOG will be able to find the funds in the duster scenario. Let's hope it won't come to that.

Of course, success at A#1 will mean all three companies will be assured raising funds for financial backing.

If there is a CR I hope there is a spike in the SP first so faithful retails SHs who are 'all in', of which there are many, can liquidate some of their shares first to enable them to participate.

Whatever the CR is (you suggested 30c) the price will inevitably drop to whatever the SPP is set at. So we really need a positive announcement first to stimulate an interest in the stock again.

This is why management should take as much time as is available to them and get this deal over the line. Their deadline would have to be at least three months before the spudding of A# if a FIRB stamp of approval has to be secured.

I would prefer sooner if they want to implement Plan B. I would hope all PPs will have been given a deadline by the operator of WA-360-P as they have been put in the unenviable position of breaking their own deadlines by the shenanigans of others.

Just my thoughts.

#:>))