Ann: Acquisition of Remaining Equity in Spanish Asset Completed, page-16

Casey is telling us that 3.8 million Euro's (gross) is going to pay for an MT program and drilling of a well in Spain .

Is there any reason to believe him that they can drill a well for about 3.5 million Euro's ?

Can't see any drilling company giving them a turnkey fixed price deal to do that .

By the time they start drilling another Tesorillo well , the 2 million Euro will have long ago been eaten up by office rent , wages , directors fees and corporate overheads .

No confidence the drill bit will resume turning in Uraguay either .