Ann: Quarterly Report & Cashflow, page-35

So IVZ completes seismic in June. Farm out basin margin immediately after (just like that) so funds can be used to spud M2 in July? Interesting that you think project funds can be diverted to another well the farmee does not have interest in. What if M2 fails to deliver? Apologise to farmee and assure them you can raise the funds 100% for the basin margin?

Funding structures for M2 will be considered and a decision reached even before basin margin Seismic is completed according to management plans. Management has indicated a preference for a farm in rather than raising the funds 100% though. Except things don't go as planned, in which case another CR is done, this is the direction.