cnooc & chevron, page-8

Don't get too concerned about shares on issue, half the stock is in director hands and they won't sell and CNOOC's 19.9% is just their stepping stone to a T/O.
With CNOOC's $50m going into the ground in next 12-18 months Company will have over $45m Cash by March '10 from CNOOC place'nt and existing Options expiring 31 March. By the time the Company has to start contributing to drilling & pilots in 2012 it will get another $45m from CNOOC and already issued options. Approx $250m will be spent in the ground before the Company has to raise additional funds.
$250m will deliver massive reserve numbers.