japan and seychelles set to enter new era, page-24

Remirez, just because something is waiting formal sign-off doesn't necessarily mean that a reasonable person would not conclude it a reality. At present, we STILL have the exclusive rights to the 17,000 odd square kilometres of tenements which legally cannot be taken off us until January 2014 - therefore, the Seychelles government do not have the power to legally contract this territory until January 2014. In terms of the WHL energy advert in Rigzone - this is good. Remember ASIC v Hellicar and others, where the misleading press release by James Hardie (approved by the Board) was held to mislead the market - our guys would not take that risk (and would probably have the company's law firm sign off). Finally, put yourselves in the position of the Seychelles government - WHL has a major player that will give a firm commitment to drilling; whereas the Japanese are at the preliminary stages. Would you extend by an extra year or so if the definitive were on the horizon?