Franc,I'd say that since the placement they have had several...

Franc,

I'd say that since the placement they have had several million dollars more revenue that anticipated due to the high price of oil, plus they must be much more certain as to CAPEX requirements, both for Edirne and California.

Cash balances looked pretty healthy in the QR, plus with the extra production revenue for the Sept Q looks likely to be on par with the June Q record.

Imho they are doing the right thing with the buy back. In this market better than either raising the divi by 1 cps, or than sitting on an extra million cash, while a few desperate shareholders reluctantly sell to the rare vulture sitting 5% below the last sale price.

EL
Discl: Ocassionly know to display vulture like habits.