capital raising, page-5

Auto,

I very much doubt the farm down will be on spectacular terms, and they will want to maintain a decent stake, therefore I guess they might even be putting net cash into the drill.

As for Thailand, its been pretty clear that the cash-flow is insufficient to carry a reinvigorated drilling campaign - which is what we all hope ECO is about to undertake, and in fact needs to to justify their investment to date.

The exploration permits in Thailand are going to require some outlay for drilling. Not to mention seismic, with 3D seismic apparently quite expensive to do onshore Thailand.

All a bit sad, but perhaps a turning point, as the issue of a possible CR has been looming for nearly a year now.

EL