Ann: Operations Update, page-80

mitch that assumes KBC are good for it in the first place.

we know the JV have to commit to a well to meet their drilling commitments in weeks not months.

raising now for odin2/3 makes sense in the sense of odin2 is a failure they have another roll of the dice funded.

With vali and production now down to a level in which production is not paying wages and admin they will need to raise to simply keep the lights on.

Keeping KBC in any equation is kicking the cam down the road at our peril look at what they have done to MEL and Ven in the space of a few months.

wouldn’t be surprised to see an equally dilutionary CR of MEL say a 1:1 issue at 0.5c would raise $5m enough to bugger off KBC and fund O2/O3 and enough working capital for 12 months.