Ann: Securities Placement Capacity Update, page-81

From memory M1 was budgeted at $16m, obviously that blew out with the sidetrack.

If they have paid for seismic, had left over materials from M1, and as Kiwi alluded to they have paid some of Slbs costs up front, they should have more than enough for M2 with the $23m left.

3D seismic for Mukuyu was around $5-6m.

They may require cash for testing next Year, but on success I think we will have a partner, what that looks like who knows, but cash for testing shouldn’t be a drama.

The sp last Year hit mid 30s, we had a late cap raise while SM was staring down farmin partners to go it alone, a panic, not real but imagined dropped it to 10c, the rest is history.

A lot of retail still in here, the games will no doubt continue for a while yet.