Ann: Webinar for Block 9 Update, page-89

It would be more useful to look at comparisons:


RE: the farmout
I also agree that a farmout is a disaster... I personally think that is worse than a capital raise, because Melbana will lose percent ownership of block9 and potentially all future profits for short term working capital... I would have preferred a consolidation and capital raise. In fact, if I was a shareholder, I would have told them not to do it, and consolidate and capital raise and keep the 30% ownership of Block9.

Your calculation also assumes Melbana still has 30% interest.. however we just learnt today that they are willing to give some of this away in a farmout...