ann, page-42

Karll & others.

My opinion for what its worth, drilling a second hole is not going to solve companies cash position, to the point where they will be able to fully exploit their extensive land holdings. I think we can all agree that even with all their cap raisings to date, they haven't even scratched the surface.

Putting aside their admin cost, because even if they cut this in half, its not going to solve their cash position to the extent that they can do so much more. I'm neutral here.

For a company this size, to have 100% in almost all their holdings, for me, again in my opinion, defies logic.

The extra well at Surprise, even if drilled tomorrow, and folowed commercially the next day for sales, what will it achieve? Allow them to drill what, perhap one extra well somewhere else? They still need alternative funding to achieve any meaningful exploration of what they hold?

Apart from cash, I doubt they would have anywhere near the required resources to exploit everything they hold?

The most obvious route is to farm out, form JV, perhaps sales of some holdings, other than diluting existing SH to nothing? On this point I agree.

Anyways again I'm not a long suffering holder, perhaps not as emotional as others, and at this point, a board spill I think is needed as much as a hole in the head is needed!

Cheers, vaga