Ann: Proposed issue of Securities - GLL, page-3

OK, so now we know bulk of funds are targeting Glenaras exploration and appraisal. Two scenarios come to mind (keeping in mind dewatering in final stages yet to complete. but imminent).
1. What is a normal course of action for companies in GLL situation following certification of reserves? Would this depend on either sell the asset or an intention to produce and operate the asset for gas sales with the option of adding on the on-site power option with Clarke. If they had any plans to realise the asset I doubt the need for further funds necessary.
2. If dewatering unsuccessful (thus an assumption end of project) would the stated intention of targeting Glenaras from these funds be justified.

The company have consistently said being a producer in own right and selling gas into the East Coast shortage. So (glass half full) are the funds required to enable the company to meet whatever costs are associated to get to the next stage after reserves confirmed (commissioning project etc). Would be interesting to know who has stumped up the cash. Just my guess on how things stand, other guesses off the mark.