Ann: Completion of $2.44 million Rights Issue , page-3

Hello TPG. To my mind the important part of your quote is:

' . . to fund its current operations through to 31 March 2013.'

Current operations includes the ruinous exploration commitment in Eritrea, fixing it is something that the BOD should have at the top of its agenda, IMO.
Some might say that I've got a negative attitude on this issue and it would be better to look upon the activities in Eritrea as a sort R & D expenditure, but GIP is on its knees and I believe it is foolhardy to continue along the path we are on, a path to self-destruction.
Having come this far, I'll go along with the idea that GIP must do some early drilling and hope for a result good enough to put up for a joint venture or sale, but that's as far as I'd want to go.