Ann: Quarterly Report & Cashflow, page-33

Yeh I think they've raised enough to get us to just before the drill and then the board will have one of two options

• raised through instos/sophs
• farm out and get capital for MK2

My thinking lately has been, we'll use the new seismic data to demonstrate additional prospects and we'll farm-out a WI portion of the basin margin in return for capital to drill and appraise Mukuyu. Effectively our partners fund us for Mukuyu and they get a share of what's in the basin margin.

If the seismic isn't great or we can't agree on terms, then we'll get another $10-$20 million raise in June/July to fund Mukuyu-2 and potentially farm out later.