Ann: Notice of Annual General Meeting/Proxy Form, page-28

Lazarus65,

you seem to be quite emotional judging by some of the content in the list of questions you put together.
I really hope that you donot go ahead with that lot, and i am quite surprised that you got so many "likes" on here...

if you are unable to "stomach" the latest cap raise and if you are angry because 88E did not share your own views that a cap raise can only be done after ICE2 and not before, then that is a personal issue for you to take up with them... but i think that you will only end up making an ass of yourself...
because you seem to be appoaching the whole situation with a certain level of naivety...
unfortunately...


DW clearly stated that they would be left with some 4mill or so post-ICE2...
and we all know that is NOT enough to cover a years worth of admin plus the remaining payment on new leases, and if they were to action the option agreement with BEX at some time soon (??)...
in regards to cap. raising, it was only about timing, and when ? not if ?...
DW has shown that all along the way, he is "de-risking"...
so a cap raise before ICE2 results, due to no other deals in the meantime, such as farmout of conventionals etc, was a very clear expectation by many a holder...

I am very happy that in the event that if an ICE2 resounding success does not happen, that 88E will now (or very soon) have enough cash to go forward with the next step...
and we know that could be a variety of things because lack of resounding success at ICE2 may not mean that it is dead, but that it needs to be redrilled (?), or on-hold for better price-of-oil (?), or on-hold for upcoming technological solution...
the project from the beginning was one about engineering risk...
so it will all come down to relevant technology being capable of creating a profitable scenario out of the HRZ... so there definitely can be potential issues along the way...