Insto Placement Information, page-40

Thought I'd play the ball here Laz

What chance we have just seen another piece put into the corporate deal pie?

Raising for 17M, if that's what it turns out to be, is a LOT of contingency cash.

Now I'm reasonably aware that there is much to pay for going forward espc if these Tea Partiers decide to renig on the subsidising of exploration, payment of balance for acreage, DW new truck load of cash, AGM sambos, etc, etc, and the chances r this is what the cash is for.

However getting back to the Farmee thingy, no farmee deal would be worth walking into with many companies if the owner/operator also carried considerable debt risk.

The thing that fascinates me with this CR is the DISDAIN, and yes I'll use this word at the risk of stirring the pot again, for the consequential dilution. As some have mentioned the prize is still HUGE and the relative dilution that would be reflected post a possible multi-billion sell on would be a distant memory.

The SPEED or hurry with which this has been done is another fascinating circumstantial factor to ponder.

The possible large oversubscription hinted at, IF true, also hints at something else in the wind.

I won't mention the other couple of chats we've had on this, suffice to say that the various moves made of late by the company CAN POSSIBLY be associated with some kind of deal upcoming.

This would no doubt be HIGHLY confidential and even the UK LTSG wouldn't be privy

Just thought I'd try and get the good ship 88E to make a bit of a tack into this current CR headwind and open more ideas up than simply the worry about further dilution.

Like I said above, and others have mentioned, the prize is huge and we r much better to be financially sound going forward to either further lessen risk of Icewine by ACBing the HRZ (which some may have forgotten could be a necessity to get this to work) or being able to take on other opportunities on the acreage.

Something that does concern me may be the need to do a horizontal drill. What better way to prove up HRZ continuity over the immediate Icewine acreage than a decent horizontal. One would hope tha PB's presence MIGHT be enough to get a decent explorational farmee deal done prior tho.

d.

Logic will get U from A to B, imagination will take U everywhere.