more cash on hand, page-4

Looks like an excellent deal announced today - I suspect the presence of the Chairman here given the exact wording of the announcement. SER was facing significant costs in the next couple of years in this Cooper block. The block has been well used to date by SER and now hopefully will make someone else a quid. No point being so heavily in a block if you can't afford to take it forward.

Also, I suspect "excluding joint venture assets" means not the old wells but drilling equipment, extra casing and so on that was accumulated for the past wells that the joint venture may still own.

The directors are doing a very sound job in very uncertain times. I hope they get us back exploring soon despite the resource tax issues hanging around like a bad smell. With a good cash balance this is certainly possible.