Ann: Operational Update, page-249

I wonder if all the so-called sophisticated investors from the last fund raising have finally pushed off.

Just looking for smallish, short-term gains so they can stag out and move on to the next discounted fund raising. Usually got not much of an idea what they are investing in. Few would understand the small emerging oil & gas plays & companies.

This is a wildcatting operation that has managed to fund a lot of exploration wells & seismic surveys in one of the most unexplored prospective basins in the world with less than one millionth of the density of drilling in the USA. All the time learning more about the geology to improve the chances of success as time goes on. Its easy to criticise management and blame them for one's own poor investment decisions. Management can't change the geology they can only try to unravel the mysteries of where nature has hidden the bounty, which as far as I can see is what they are doing.

Now they have found some very promising plays they are making the best use of their/our resources to to firm up the prospects. It is looking very encouraging at present. It will be a good think when all the Sophs have gone.