just some bullet point notes , page-8

50/50 odds Jake….that’s like gold in hand in the O&G business :)

Reverse Project Management:

Confirm 100% Rig Available to move (Packed up in bits ready to rock n roll) (tick)

Personnel able to deploy (notice required) (tick)

Logistic ready (Accommodation, Catering etc) (1/2 a tick…I’m not sure on this)

Site is ready to receive the rig (BIG TICK)

Long Lead Items, engineering, casing etc (BIG TICK)

Work out how long to transport rig, personnel, ready rig & set tentative spud date?

Once this is all done, checked and double checked,

THEN:

Draw down Euro money (23 October to 06 November)

NOW:

Contract signed for Rig (06 November)

Confirm with GRES to commence loan transfer

Rig commenced moving to site (07 November est 3 weeks)

Personnel Logistics organised, (Check) (27 November)

Personnel deploy (29 November)

Rig & Personnel arrives and commence assembly (01 December est 3 weeks)

NOW:

Draw down (Ready by now 15 days transfer) GRES Loan (01 December)

Confirm and /or Amend Spud Date as required (15 December)

Rig confirmed ready to drill (24 December :)

Spud Drilling ahead (25 December)

This is only my take. List project goals, add dates from the bottom up, inserting the time sensitives like finance drawdowns to correspond with the other essential planning objectives.

(Please note, just a basic list for demonstration purposes only). I hope you all get a little giggle at a 25 December Spud date :)

So:

It would not be prudent to draw down the money whilst other things can be organised, checked and rechecked. I really do not want them paying undue interest due to some SH impatience/pressure to announce when we are so close.
(Again, I do respectfully acknowledge many have been waiting a long time)

As has been pointed out here already, The first problem with the GRES loan was that it would have been 3 months old before they had even started. Making the first interest payment due in less than 9 months….what a waste of money.

Who would be first moaning when the Company paid an extra $500,000 in interest payments in 2 or 3 years, when with exceptional planning now, it could have been avoided?
I sure as hell would be lining up to chew someone out.

This is what makes reverse project management work in a scenario like this. Set the goal, then move backward to where you are…it will soon be evident of whether targets need amending or will work, and when.

Reissuing the Bank Guarantee was a very prudent action, even though possible making the management look a little red-faced. Given the US / European new laws governing money movements and laundering, account set up etc etc, it is/was an easily understandable oversight…which I bet has been noticed by many companies/directors etc worldwide. (we will never know)

Success is not measured by how frustrated ANY shareholder is.
It will be in the confirmation of a successful, safe and on budget operation with nice reserves put into production again, quickly and safely.

So long as the money is available is all we need to know right now….yes, I’d like more progress information too :), but so long as things ARE progressing, I’m fine at the moment.

Confidence has returned to AWD, its prospects can easily be rated high chance of success, being a proven asset lies below our turf.

And I too will be absolutely stoked to receive the Euro money by Friday (Ukraine Time)...but am also aware that if transferred Friday, may not be announced until Monday due to time zones.

PP is content :)