news soon

morning all eka'ers

I reckon we have some interesting news coming soon from the JV partners.

I seem to be back on the EKA ignore list which is a shame. I spoke to Graham (as posted here) two to three weeks ago and we have a good chat and I really liked his approach.

We covered a number of topics and it was clear that Graham was close to the detail and also excited about the future (Sugarloaf)!

One question I posed and something we discussed was funding! This was pre the placing and I specifically asked the question if EKA were fully funded to cover both Sl-1 & Sl-2, to which the answer was a clear yes!

We discussed how unnecessary dilution was a pain and that one of the good things about EKA was its tight share registar, which obviously gives great leverage to the SL project with their 12/5%WI!

Imagine my surprise then when a week later a large placing was announced. I immediately phoned and sent off an email, however it was clear that they didn't want to discuss! Yesterday I eventually got a reply from the company secretary, which frankly should have been addressed to my 4 year old son!

Now, I could have understtod the placing if they were securing more acreage woth their partners AUT, however the market update clearly made no mention of more acreage!

Therefore I can only conclude that the extra funds were raised as part of Texas Crude's insistence that all jv partners are funded at this time for drilling post SL-2!

Given the confidence doing the rounds on the play, there is no way these guys would have raised more funds at these levels unless they absolutely had to, as they would have wanted to do it say in a month or so after news re SL-1 & Sl-2 was in the market!

I think what we are going to see/hear very soon is some very interesting/exciting news about a forward drill plan. I reckon that now all of the leases are secured they are going to go hell for leather on the leases and we will soon something very special unfold!

I still strongly believe that this play is massive, in massive I'm talking multi-tcf.

A tough job for some of these ceo's having to talk to un-informed shareholders, which is probably why they get their secretaries to reply! I'll work harder at becoming a bit more sophisticated and maybe that way they'll speak to me again! ;-)

Cheers

Rice