No. According to last Accounts 12M in the bank. According to my...

No. According to last Accounts 12M in the bank. According to my calculations 10M in the bank. According to gun analyst Peter Strachan, after Tanzanian drilling is fully paid, 9M to 10M in the coffers. Prospectus states each well in the Po Valley will cost USD2.55M each. The Comapny thereofore have enough money for two wells onshore Italy with enough left over for administrative costs. Or they could plough it into an appriasal well in Tanzania, that would churn through the cash pretty quick given the need for a jack-up or drill-ship in order to drill offshore (KN1 was drilling from SS island.) Plus the Company will get a capital injection when some of the 35 cent options are exercised in May 09 - IMO they will be because I think the SP will far higher in May 09 than it is now. If you think differently then good luck, but this is my opnion.

SS.