hi sirsenorRDI has entered into an irrevocable arrangement with...

hi sirsenor

RDI has entered into an irrevocable arrangement with MEO to fund 80% of Zeus-1. If Zeus-1 is successful, RDI will fully fund MEO's share of two additional appraisal wells (and one additional exploration well if Zeus-1 is unsuccessful) subject to a successful listing of RDI.

Therefore, the Zeus-1 well in Oct 08 is fully funded and from the information released by the company, there doesn't appear to be any risk of MEO having to fund 100% of Zeus-1.

The additional appraisal wells are what is subject to an RDI listing, not the drill in Oct 08. If Zeus-1 is successful, I don't think we'll need to worry about funding!!