Ann: Proposed issue of securities - ATS, page-5

IMO Despite the recent pull back in oil prices, I no longer see this an issue/threat. I am comfortable that oil demand going forward will be strong when you weigh it up against the lack of capital commitment for exploration production worldwide. The longer outlook of supply v demand should support good to solid prices. The challenges for ATS remain with the reluctance of lending institutions supporting fossil fuel exploration/recovery. This could impede possible suitors/partners.

Proof of concept (the ability to recover the resource economically) is still a big challenge with no funds for further well drilling.

I am also of the opinion that the key financial management, negotiators and strategic planners who drove Aurora to success previously need to commit to the cause more than ever before. Sure technical knowledge is important along with patience but the key will be in fully utilising the mastermind that commercially steered Aurora. The next 12 months will be paramount to ATS's future.