Ann: Quarterly Activities Report & Cashflow, page-5

Exactly Ralli seems like they are taking the P imo.. Still no projected costs for this well, only said should be cheaper than other wells. Then said drilling approval end of Jan or there abouts (week or so after). Said spudding 1st March, then later said early March in same paragraph. My take is they still have a lot to do until they can confirm spudding of this well and funding.

Interesting that no mention of progressing talks with potential FO's. So can take, they will have to raise all the cash by SPP, probably do this after getting drilling approval now and benefit from PANR RNS. So certainly, will be raising cash alone and or issue more shares to 3rd parties for work done. Leaving this all very close and still no approval to drill yet. Only had a year to do this and PANR have done all the hard work for them!! Not good enough imo, as investors always want certainty, well I do! This is a very large expense, over $25 Mil, as it's a deep well over 12500Ft. One would have thought we would know a lot more by now. Disappointing imo.