texas announcement

All good news, the frac has been successful without damaging the well. Nice to finally get Cotton Valley spudded!

I also notice 5 million pounds has been taken from the drawdown facility ($8 million). That means they've been issued at 14p a share (5 million pounds/35714286 shares issued)- not bad work.

We're obviously planning to take more of Trinidad. That's the only reason for the extra cash. The question remains as to whether PL will conduct a placing/rights issue to take the whole thing.

We certainly have enough now for Puntland rig mobilisation. Just a bit more patience needed, we've got loads of cash now and obviously plan to do something with it.