meeting with ms, page-77

Hi Angry,

Sorry I couldn't get you the "hard questions"! ;-)


The Pensador funding depends on CVI giving them the off shore permits, and refinery, if we don't have the off shore to give them or the refinery off take that will mean the funding deal does not go ahead.

CVI does not have the cash to buy the stake in Falcon. $400M - which is required to fund Falcons commitments to the operator for their share. For that we get 40%. Without, Falcon would have to relinquish their share of the blocks.

And so what have we spent $12 mill on shares for
and didn't I see where Pensador shares were listed at $10, and we paid $15, I could be wrong there.

Well, I didn't go into this at all, although I would say it proves that CVI has some "skin in the game". That is important.

And 2 months or more ago when he announced the Pensador funding he said they already had $1 bill and just had $100 mill to go, so now after all that time they still haven't got the last bit.

There is a big difference between $1B agreed to in principal and $1B in the bank. The Swiss bankers want to see full legal title and agreements. This takes time.

and if he says he has no announcement to release then what about all these e-mails, has he lied to his shareholders he e-mailed.
or is he covering himself for not releasing.

I discussed this with him. He was keen to announce something to the market and was pushing for it I believe - however he was not allowed to. Going against the Angolan's wishes at any point could jeopardise the deal - remember that we are the minnows here.

All the best.

Tim