re: eddie. -stockdoc.... Sorry for the delay in replying...

re: eddie. -stockdoc.... Sorry for the delay in replying Doc..............I had to find some notes I made from a meeting around a month ago where I enquired about this exact same issue,as it was of concern to me. The capital structure of ECU is a bit more complicated than most so I wanted to make sure I had my facts right before replying.

ECU currently owns a controlling interest (51%)in Galilee Energy which is the operator of the gas field in question..............this interest will possibly be increased at some time in the future but that is uncertain.

The Propwood Unit Trust in which the MD of Galilee Energy has a controlling interest owns a controlling interest in ECU. As part of the purchase of its interest in ECU Propwood was granted 60 million options with a strike of 4c.

I was assured by the MD of Galilee (also an executive director and the brains of ECU ) that no further share issues will be required as when cash is required either/both of the following will occur:

-Propwood will excercise their options = 2.4 million cash to the company

-Propwood will make a further cash injection if necessary.

According to the budgeted expenditure (and the above contingencies) the company expects this cahs to last at least the next 18 months by which time they expect to be well and truly self-funded with cashflow from gas sales.

Hope this (although the structure is a little confusing) answers your questions.

Regards,

Ed.