Ann: Conventional Portfolio Update, page-36

Meso,

I never stated, "That more capital raises versus no more capital raises are the better thing ??"

I asked you to explain your thoughts on buying more land based around "no more capital raises should be done at all".

I don't like CR's myself but realise that as an exploration company 88e generates no income. The main instrument they have to maintain operations and develop their projects is via raising funds.

Currently Dave has stated he feels confident on securing one farm-out before year end, no one here knows what that will look like, how it will be structured or even whether it will happen.

Say, no farm-out is secured before Xmas and Winx is a duster, remember Winx has a 70% chance of failure, what would the share price look like? How strong would our hand be in farm-out negotiations? Also would not be a good look to CR next year in the back of a pump into the Winx drill, only to have it fail, this would sink market confidence in 88e.

Dave has stated this Rights Issue is being done to give current shareholders the chance to average down or increase their position to what might be a transformational 9 months.

It might be transformational but no one knows.

Is it not prudent financial management to have money in the bank before you need it, rather than scrambling to find some when you do.

There are so many "what if's" and at the moment these must be funded by CR's, I don't like it but it's the only option..............currently.

Cheers happy Wednesday all.