capital raising, page-55

Stefanis,

I really think they are more taking insurance on the initial 2P work not exciting the market, rather than actually expecting it to be a failure.

After all they may need to try different tactics before getting good economic flows. Lots of early risks that may not even foretell the final economics.

Also we have a number of seams in several potential fields. Early results with one seam at Blackwater - I can see the point in taking some cash in now, just in case - it is quite a lot though, and I am not to keen if it ends up being used on power stations. But then they say quite a bit is going towards a pipeline route - now that is much more exciting, and does display confidence.

The market is not happy, I am not fully convinced, so I will sit on just what I have.

EL