How I look at it... it's like taking a company through funding...

How I look at it... it's like taking a company through funding stages from angel investors to mezzanine round, to venture capital to IPO. At each stage you give away more of the pie - but at the same time you are really creating a far bigger pie than you would ever have on your own. So ultimately, you end up with more actual value for everyone.

So far we've had CR's at 1c to buy more acreage and drill IW#1 and at 3.7c to buy more acreage and drill IW#2. The share price is currently 6.6c - so these CRs have indisputably added value for existing shareholders.

Each CR to date has ultimately improved the value of current holders shareholding - and Dave Wall has 100Million-odd reasons to continue to "cream the curve" on behalf of us shareholders - and years of experience in negotiating exactly these kinds of deals. He is absolutely the guy we want on our side of the table for future negotiations.

Yes - more money will be required - and no doubt industry (farm-ins) and/or CR's will be required to take this further - however - each phase will likely create a step-change increase in share price - so I welcome these as necessary steps to unlocking our ultimate value.