910 barrels of oil per day, page-9

hi poobear,

The placement was made specifically as a long term strategy to cover 2 years worth of exploration and development growth, this was clearly stated in the raising and subsequent company updates and what the money was for each project.

was about 100M for 2006 calendar year and 120M for 2007 calendar year and rest for working capital.

i also think they have been drawing down on the chinguetti debt facility at some point this year but not 100% certain so might account for some additional cash.

chinguetti revenues have been good due to higher oil prices even though output was reduced.

i suspect that some of the other projects have been delayed a tad so exploration spending might also be not full on as budgeted, eg suriname seems to be delayed substantially, guyane would also fit this category and also the "new ventures" seem to have been put aside to tighten the belt until chinguetti issues resolved.

i certainly think this report has highlighted the hardman position, the strong cash position and strategy that Simon Potter was implementing, JUST CANT WORK OUT WHY HE AND THE BOARD THROUGH IN THE TOWEL 9 MONTHS AFTER PUTTING IN PLACE THIS LONGER TERM STRATEGY.