Ann: Atzam 4 - Drilling Update , page-3

Almost time for another update!

Looks like someone is trying to put a bit of pressure on the sp to accumulate cheap.

Look around at the MC of a few oilers currently drilling much smaller targets atm and CGV at $6m MC looks very cheap!

I think we have also established the takeover of this other company that has popped up in the AGM notes 'Citation Resouirces' which will become our new name will be through issue of shares not cash.

Down the track the only cash that will be needed to raised will be to drill the second target. Depending on the commerciality of the first well and time we may be earning some cash before the payments for the second well.

If the secondary target which has already encountered oil shows is also commercial it will certainly de-risk the well but the primary target and flow rates will govern whether we proceed with the aquisition.