sale of 25% interest in bowland prospect, page-33

Hatmopit I agree with your views. The raising / farm in is a big turning point.

The operating business now have some breathing space to get on with things. Cuadrilla has been chewing cash and that has been coming from working capital + the odd raising / placement.

tgn01,

there have been a series of raisings to deal with ANZ / ATO / Working Capital so yes it looks like the money has simply up an vanished. True to some degree but the reality is that Cuadrilla ate it. The UK ops have been held up for several years and as they have moved forward (when they have been allowed) costs have increased. All of this has pushed out the date at which a farm in could happen which would be the point at which the spend could stop (for a while at least) or if we had of got to reserves maybe even a sale. This same risk is why Centrica now have a delayed payment of 60 million pound.

The risk scenarios have now changed enormously. Bowland is funded for a couple of years. Cuadrilla have 30 million pound which can fund Netherlands program, share of Balcombe and operations for a year or 2. AJL now just has to service debt, WC and capex.

Don't under estimate the benefit to the operating businesses of not looking like a bankruptcy risk. Things should improve in time regardless of the overall economy.

As for AC IMO his days are numbered. The insto's are coming in on the condition that he either goes of at least isn't CEO is my read of it. This has got to be a good thing.

Hoping that the share price holds on Monday. With that said it is unlikely to be settled until late July when the raising is finished.