Ann: Funding Update, page-12

The anti-Pathfinder brigade should draw some comfort from this announcement, but talk about cutting it fine re the AGM.

In the current POO environment the $40 mill was looking more and more like a bloody millstone than a lifebuoy. Happy for them to Visa the EFS program as its really the underpinning cash cow, and reserves driver.

I'd hazard a guess that the dilutive resolutions didn't look like getting up, a low-cost revolver like this should have been the first recourse all along. Get the SP to 20c+ post consolidation (and keep it there) and then maybe, just maybe the SH might loosen the purse strings.

Pathfinder needs a separate funding model approach in my view. Its still a mystery to SH exactly whats going on up there. That might include a JV, but it needs field-quantifying before the bunting goes up. Once the N-S pipeline is completed, thats a 100% gas offtake across all gas classes, but as far as oil is concerned, frankly I'm still in the dark. Thus, happy for EFS to be $drip-fed. You don't wanna be racking up $exploration until the supply/demand balance moves, or the Saudis take the tourniquet off.

AKK get a thumbs up for this one for mine.