Ann: Trading Halt, page-227

Given we've raised $25 million, that should just cover us to do

• 3D seismic (believe Scott said it was circa $5 million)
• Flow Test (seen figures of $8-$10 million, happy to be corrected)
• General working capital (imagine we'd be hiring more people)
• Lab testing (not sure if this has been paid for yet)

Problem with this is, once we complete the above we'll be out of cash again so good chance our share price will fall back to the teens/low 20s.

Scott/IVZ keep doing smallish raises hoping that they can raise at a higher price in the future (believe the raise just before spud was the company hoping we'd be at a higher share price) but in reality what they're doing is alerting the market of when to pump and when to dump. We can't keep raising just enough to get to the next milestone because when we get to the milestone the market will know we have no cash and will suppress the price again.