rupert, page-28

Yep Rupe, why don't we just move on old mate.

We all get a vote re the proposal.

Looks a fair package to me.

I hold heads and 07 options in the ratio of 4 heads to 1 option and the proposal looks ok to me.

From a shareholder perspecctive, I have no problem with option holders paying $1.01 and climbing onboard at anytime up to Oct 2008. The injection of funds will be very welcome and put the company in a position of strength. In addition the 8:1 2010 1c option offer is pretty good.

From an option holder perspective, I think that the extra 1c is well spent in that it buys another 12 months time for the exploration/proving-up to unfold. Given that there have been huge and completely unexplained time blowouts in terms of what was to be acheived by end Sept 2007, I think the company is acting wisely and honourably in extending this offer to rrso holders.

In the end, it's the shareholders that will approve or kill the proposal. As others have posted, it is highly unlikely that such a proposal would be put to the shareholders without a majority of votes being safely in the bag. As to the point raised by some, that it is just a ploy (to be voted down at a later date) by the company to soothe litigious optionholders to allow a smoothe aim listing, I believe that the company would not be so shortsighted as to act to simply delay litigation by those that can easily afford a day in court. This reasonable offer is the basis for a smooth path into the future and will, I reckon, be approved by a majority of shareholders.

Let's focus on the AIM listing, the drill schedule and the upside.

As I have said in the past, there is no point in waiting for the tfg to give its approval blessing for the fifth time. The tfg will always remain a joke unless it can stand-by its previous ratifications and approvals. Puntland should proceed and cement its own position of strength through revenue and the benefits thereof:- a strong military presence and food, education and healthcare for its people.

Rupe, just get on board the main train and forget the factional stuff. I believe that you have enough heads to really kick arse if this thing gets up a head of steam.