Dear Shareholder,With the Extraordinary General Meeting taking...

Dear Shareholder,

With the Extraordinary General Meeting taking place tomorrow, this is an appropriate time to update you on our progress.

OK - I've skipped the first 2 points cos they were just boring, but the last two... Glad I'm not doing business there trying to "negotiate"


Oil: Cameroon and Angola
Discussions are ongoing, but require delicate handling and have to move at their own pace. We have formed a strategic alliance with a company currently drilling in Cameroon, which will assist our negotiating position.

Refinery
There has been significant progress in discussions with various Government departments in Nigeria. However, our Nigerian partner Deanshanger has decided that it will not enter into the final contract phase until all consents are in place. This is not in line with the original Memorandum of Understanding so CityView has decided to pursue other alternatives both within and outside Africa.

I am pleased with the way that CityView is moving forward on all fronts.


Manuel Africano.