options

When the share price is this red, the oppies are dead.

Haha. But seriously, the options are dead. There will have to be a rapid turn around for the Australian equity market for the heads to get back to 35 cents by March 2009. Just as sure as I was that the heads would soon be 'in the low 20s,' the options will not finish 'in the money.'

This is a real shame because blame lies sqaurely on writedowns, the U.S. housing market and commodities now coming off heavily.

I don't hold any options, and would only be content if I had purchased them for the 0.05 cents offered in the subscription.

Nothing will happen in Italy (trust me) so luckily the Company can use the 8M to fund marine seismic and their share of KN-2. I hope 8M is enough for these activities. Given equity markets are always in front of the curve, with a bit of luck, we might be able to raise more money when the market recoveres later in 2009. It would be excellent if Ken could offer to take a pay cut to preserve capital, John Borshoff did this when Paladin was struggling!

I look forward to 2009/2010.

Mudguy.