drilling, page-10

Hi FF, Boz and Tri

Its not a matter of respect or disrespect ... the star thickens the skin lol.

That post was deleted by another Moderator several days before I saw it ... and the poster was suspended by the same I think.

As most of you know, I posted regularly on CXY before becoming a Moderator ... and my view is that it is reasonable for the Boards to see Moderators posting on companies that they own and other issues that interest them.

The star on my shoulder is an absolute guarantee for a flood of tou's if ever I post misrepresenting facts or not making clear what were obviously my opinions. So' it'l be business as usual for me.

Triage ... I increased my holding of Options during this last quarter ... and have only ever sold CXY to fund a greater holding of CXYO. Apart from a reduction of paper profits, I havent seen fit to sell when the reasons that I bought in the first instance are still valid and the business plan is on track at this stage as far as I am aware. The political good timing to be rolling out ucg projects in these times softens funding concerns to some degree imo. There is no reason to assume a full range of funding options isnt being considered by management ... including govt grants, a keystone investor taking advantage of significantly derisked exposure to the nascent ucg industry, equipment vendor lease finance, modest debt etc.

FF, the buying today looked a little promising didnt it ... but still not on much volume.

Anyway, it is probably reasonable to assume something has to happen soon as Kingaroy drilling is finished I think and cautious prior guidance is that the coal resource will support staged development to 400MW generating capacity. Previous guidance has also been that the trial burn would commence April/May. Imo, it is unlikely management would commence the burn without a funding plan in place to at least get the 40MW generating capacity up and running. My money would be on a staged funding arrangement to carry on to 400MW when commercial success with 40MW is demonstrated.

Cheers
Dex

NB ... for disclosure purposes, I also currently hold BHP, EPG, GDY and to my great regret IAG ... sold CBA, NAB and ANZ prior to Xmas.