agm presentation, page-3

Interesting thought Viv. You could easily be right but my gut feel is they are excited with the oil strike (and why wouldn't you be) and want to press on with this ground. Problem is they they only have enough cash to complete these two wells, including testing I believe.

I think they want to press ahead with more wells in PEL115. Given the lease is a JV they may only need a couple of mil to drill a couple of holes. If they raise $2m at 0.4c and announce drilling to commence in 2nd qtr then I think that would be ok. From announcements I've had the feeling that VPE are at least as excited as MHL.

cosmos