Offer, page-20

You’re right, but the farm-ins only seem to cover exploration costs and the HSBC is still debt – that 100M will probably be riddled with conditions, and it says it was originally intended in part to be shared with some other advanced international assets (Liulin+Indo) – which DTE has stated it wants to get rid of (I think it sold part or all of Liulin?). We’re not headed for a cap raising soon but in the next few years I think we will probably need more than that 100M just to realise the full revenue of 133. DTE at some stage will go ‘oh we need another 50-100M, to complete capital works at PED 133’ Will we need that 50-100m when our share price is $0.13, or will we need it when out share price is $0.45? When we got that 100m our share price was around 30 - 40 cents.

I am sceptical that the stars align: Airth gets quick approval ->HSBC is drawn down to pay its development-> revenue stream starts to pour in from 133 ->Total covers spending at the other licences -> more revenue pours in from those projects -> dept is paid down -> Australia opens up -> profits are then directed to Australian development ->and BAM! We have a 5 billion dollar DTE by 2018 paying dividends.

Will DTE will be the only company in resource exploitation existence to deliver on time, on budget and at expected revenues? Nope. Is IGAS any better? Doubt it. But together? Probably less chance for long term dilution and risk.