Ann: Acquisition of Remaining Equity in Spanish Asset Completed, page-37

I think management know that if Uruguay fails the company is finished. I think they know that if Uruguay fails there is no one out there including share holders and other potential partners that would give them any more money. They need to make Uruguay happen or it’s close up shop time. There is no Spain or Australia if Uruguay does not proceed as there will be no more cap raising or funds that anyone would give a team with such a track record.

They know this and this is why Uruguay will be a sucess. Does not matter if we have to give someone els control, as long as drilling starts up and we drill to the target depths then we will survive.

I for one will be very happy giving someone else control of drilling and the obligation to provide the funding. 15 million to drill a few holes, that’s out right rediculous and the drilling company needs to be investigated along with their ties to our management team.

Once drilling commences and the project gets a breath of life, all parties involved will see value in their companies.