Ann: PLACEMENT FINALISED, page-56

13,460m at US$250/m = $4.36m at current exchange. Call it half our current cash reserves?

19,560m would be $6.3 million at current exchange rate. Call it 2/3 of our current cash reserves.

30,000m would be $9.7 million at current exchange rate. Call it all our cash reserves.

We could do some huge work across our Australian tenements with all that money but Requieza really must be tested, even if it's with a goal to secure another major partner (or for Sourth32 to return) at a better deal.

2/3 of our cash feels a bit uncomfortable to me so I vote we take the Respot recommendation at half the cash reserves. Having 50% for Australian targets offers big scope for early returns - and I'd like to think we'll see drilling here in the next half. Management are in a strong position for transformation now.