gas in tank

Cash on hand 31/12/07 $1,770,000 + Jan options proceeds $382,000 - quarterly cash burn $750,000 = $1,402,000.

Depending on your conservatism, you can pencil in - or leave out until banked - the first tranche of $750,000 from the sale of non-US oil and gas interests as announced 19/2/08 and to be "received during the March 2008 quarter." The sale of these interests was clearly set out in the announcement of this date.

On this basis, working capital continues to be adroitly managed in known range of $1.4m and $2.15m while resource definition comes on stream against supportive POG backdrop.

Reason enough not to throw out an equity, IMO. Still holding a now balanced hand. PD