just a reminder for mog 2010 annual report(This working...

just a reminder for mog 2010 annual report

(This working capital
position enabled Moby to discharge the standby
funding facility put in place in May following cost
overruns in both the Cornea-3 and Braveheart-1
wells, and ensures the Company has sufficient funds
on hand to continue with its exploration activities,
regardless of the outcome of the Artemis well.)




The acquisition of Rankin Trend, the holder of the
interests in WA-360-P and WA-409-P, proved to be a
valuable one, as that company subsequently farmed
out to MEO and then, subsequently, agreed to sell
a 5% interest in the WA-360-P permit to MEO for
US$7 million. The transaction will put the Company
in the most positive working capital position it
has enjoyed, exceeding even that achieved when
listing on ASX in July 2004. This working capital
position enabled Moby to discharge the standby
funding facility put in place in May following cost
overruns in both the Cornea-3 and Braveheart-1
wells, and ensures the Company has sufficient funds
on hand to continue with its exploration activities,
regardless of the outcome of the Artemis well.
Despite having agreed to sell the 5% interest in the
permit, Shareholders still retain considerable upside
exposure from the retention of a 10% interest in the
permit in the event of success at Artemis