As Miki29 was the ONLY shareholder present at the AGM, at which...

As Miki29 was the ONLY shareholder present at the AGM, at which they discussed the possibility of farming out 22% of FP to free carry FP2. Im going to lock that in as the most probably scenario of funding FP2, not a CR.

Also its such a concise figure that it seems they have already put in some serious thought to it and probably canvassed potential farm in partners.

Bongo will be in production by the end of the month, this is good news. That means we'll actually be making money from it as of next year. Silverwood has tapered off which sucks, hopefully they can jig it a bit or start on a second well soon to get money coming in from this too. Whats excellent is the SH reaction to this was negligible.

Of course we will no doubt need a CR at some stage in the future but its not going to be any time soon. Sidi is completely paid for. Fingers crossed FP2 will be farmed out. Seismic data is paid for. This will leave us with about 700k operating costs (salaries etc) which is a good 12 month buffer. Im not at all worried about another CR anytime soon.

Whats good is we are actually making money now. From the AGM as it stands once bongo is online we should be making 600k a year and have expenses of 500k a year. So we are actually a profitable company. Any additional wells (sidi, FP2) that actually start making money will be a total bonus (thats when we'll see the SP rocket up a bit.)

Im happy with the Ann, we wanted some clearer timelines and an update on everything and thats what was provided. We just wanted to know that management were still coming in and punching into work everyday. This is what they provided.