Ann: PEP11 EP Update, page-4

Well, it's 100% dilution if they want to get 3D via a CR, so it's not much different. It is a hell of a lot to give away and it's only for the 3D, not the drill. How much more will the drill cost in dilution? Well, that'll be coming from all over the place, BPH, MMR, Assett, RL, the drilling mob. Everyone will have a slice of this pie, so the big picture is spread right out and a whole lot is back with private money, just for the cost of 3D. I wonder how quickly they can get the 3D done. I'd say more than eighteen months. Where is the shareholder value going to come from? Anyway, this gives MMR room to wiggle away from this and take on something green.