Ann: Fully Underwritten Institutional Placement, page-46

Disappointing but I see the following benefits,

1. If this company is as good as we all say it is now with more oil at Pavo and Pavo Sth looking good not to mention Apus then I think this could be oversubscribed and if so then watch for some good buying as those that thought they could get in via the CR have missed out.

2. This will give us a little cash boost to use as I suspect they will drill Pavo Sth sooner rather than later and if so then we have the cash to do it.

3. Yes i know the retail investors missed out but in my experience when retail are involved the process takes around a month during which time the sp languishes at or below the CR price. This way we should be back to the mid 30's by weeks end if point 1 above comes true.

I am as disappointed as most here but there is no point in complaining about something you cannot control. Move on and lets look forward to a good Apus result.

Good luck all...