To be honest I don't mind my holding getting diluted at 22p...

To be honest I don't mind my holding getting diluted at 22p (presumably 17-18p assuming the standard 20% discount on a placing). It's not like it'd going to pay for tea and biscuits for directors, it's going to be a new asset that will add to our portfolio.

If the placing is for ?20m, then even with all the drawdowns and the placing money to finance the remaining 90% of Trinidad causing dilution, it's still well worth it considering the huge number of shares we had to issue (relative to now) togain our initial 10%.

As a conservative investor I personally feel much better abotu us taking an increased stake in a production play like Trinidad. Ensures we've got the cash to continue our drilling campaign until we find oil (the consequences of an oil explorer running out of money can be devastating- if you look at DES today, they just drilled the last well they had funds for- it was a duster- and the share price is down 65%).

Plus of course there's all the upside from the Herrera formatiions. If we are getting 100% of Trinidad for aroudn the same price Monitor were paying, I think we're getting a very, very good deal. It complements our portfolio and ensures the company has good cashflow when we're heading into an area of high capital outlay (drilling is expensive, no two ways about it, and seismic for the 3rd block still needs to be shot, plus of course the millions we will need for Pnntland...).

Excellent deal if we can get it, IMO.