aoi's response

Urban Trader posted a response from AOI on the www.iii.com site. Not sure what the legalities are with copying it to here, so I just make some comments and those interested can view it on the site for themselves. It was headed Response from AOI posted at Thurs 12.31. (http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3ARRL.L&threshold=0&pageno=4&it=le)

It seems the work program on AOI's website was really just an indication of work, a "general guideline". It may be updated to reflect yesterday's update but there is consideration in removing it altogether.

The dates were AOI's best estimate of dates at time of posting.

The drilling will only start when AOI are ready and conditions are right.

Its a pity that the work program table has been downgraded in value to it seems just providing an indication of projects and maybe removed. If removed investors will have no indication on when drilling may take place. The 'best estimates' for drilling in Puntland in Dahroor have obviously blown out from the initial July-October to sometime later: fact is AOI are not ready and the conditions are not right!

The million dollar question is will they drill in Puntland this year if at all? Logically if they don't they may potentially lose the project and the money invested to date, but I'm sure extensions could be negotiated with the help of a few dollars. In the worst case scenario both Range, Lion and AOI have other projects that are moving ahead and are at more advanced stages. Who knows maybe a further project could be acquired for the portfolio!