next announcement out

Notice of General Meeting. Extracts:

"RESOLUTION 1 RATIFICATION OF PRIOR ISSUE SHARES
To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution:
That, for the purpose of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the allotment and issue of 100,000,000 Shares on the terms and conditions set out in the Explanatory Statement.

"General

In May 2010, the Company issued 71,707,231 Shares having received $4,660,970 for
the development of Block 31 located in the Zhetybai-Uzen step in the South West
Mangistau Basin in Kazakhstan.
None of the subscribers pursuant to this issue were related parties of the Company.
On 18 May 2010, the Company issued a further 28,292,769 Shares for consideration
for advisory services involved in the successful 2008 extension of Block 31.
A total of 100,000,000 shares were issued.
Resolution 1 seeks Shareholder ratification pursuant to ASX Listing Rule 7.4 for the
issue of those Shares (Share Ratification).
ASX Listing Rule 7.1 provides that a company must not, subject to specified
exceptions, issue or agree to issue during any 12 month period any equity securities,
or other securities with rights to conversion to equity (such as an option), if the
number of those securities exceeds 15% of the number of securities in the same
class on issue at the commencement of that 12 month period.
ASX Listing Rule 7.4 sets out an exception to ASX Listing Rule 7.1. It provides that
where a company in general meeting ratifies the previous issue of securities made
pursuant to ASX Listing Rule 7.1 (and provided that the previous issue did not breach
ASX Listing Rule 7.1) those securities will be deemed to have been made with
shareholder approval for the purpose of ASX Listing Rule 7.1.
By ratifying this issue, the Company will retain the flexibility to issue equity securities
in the future up to the 15% annual placement capacity set out in ASX Listing Rule 7.1
without the requirement to obtain prior Shareholder approval."


So! Ratify the previous issue & place a new issue. What price to SI's? 2 cents again? That will really upset the 6.5cent subscribers imo; but I'll happily subscribe at 2c as I missed out on the previous issue :) Provided, of course, we get positive feedback on the existing wells beforehand.