Answers Please, page-26

After the drilling is done for both wells, MAY should have at least $10 million left over in the bank. The estimated cost of the 2 wells is $50 million and MAY's share (15%) is therefore about $7.5-$10 million. To start oil production it will be cheap as it will be trucked from the well and can be done in a matter of few months, that will give an almost immediate cashflow for MAY. MAY share of production set up costs is 30% so the $10 million should be more than enough. I personally don't beleive in giving cheap shares away, when the company is way undervalued after a major oil discovery at present prices. Sure do a cap raising only if you need it but should be at a much high fairer value, I would say 30c.