finance announcement, page-43

Frustrating on the GRES money, continued delay, but the best news on the rest. Key point is they can confirm the rig and commence mobilisation. It is going to take +40 days to get the rig on site and set up before even thinking about spudding. This should be enough time for the GRES money then to catch up and spud the well. In my opinion the admin delays for the GRES money meant that one of the conditions slipped, that is having $1.5 mil in the bank (ref ann., c/f statement and annual report regarding cash on hand), I reckon AWD got everything sorted and all the ducks were in a row after ramadan, then GRES said OK we're good to go, so let's see your bank statement and our management had an "oh shit" moment. Now we are back on track, brilliant come back by the team.

Main points:
* Can confirm and mobilise rig ready for spud (~45 days)
* Much deeper cash position to satisfy GRES requirements for cash on hand.

Happiest I've been for a while :-)