Ann: Annual Report to shareholders, page-25

Good pickup Paully and in a lot of ways tells us all we need to Know at this stage of proceedings.


"the Group will be in a position to continue to meet its liabilities and obligations for a period of at least twelve months from the date of this report, and that the Company believes it has adequate plans in place to be able to secure funding for its planned activities over the same period. "

That statement is self explanatory, they may not need more cash in the next 12 months however that doesn't preclude a CR and if there is one they know where the cash is coming from and will be a placement . Beyond a CR the options could be many as 12 months from now would take us to the end of the two SNE appraisal wells most likely.

"Both wells met key pre-drill objectives and based on the well data obtained, significant contingent resource volumes have been assessed for each discovery"

Again self explanatory, we have significant oil as we know and are going to appraisal on SNE , thats not done unless you have significant oil which in deep water mean 150-200MMbbls minimum.
We may or may not get final results before May 11th but that date has become the main focus as it will likely cover the appraisal plans, expected costs and timeframes. Then we are back to waiting...

Very exciting times for a tiny Company sitting on a pair of contingent Elephants in Elephant country but its not for the impatient..

Cheers Whisky