Ann: $12.5m Raising to Further Development of Mis, page-13

re: Ann: $12.5m Raising to Further Developmen... With $3M in the bank and a near certain increase to 700+ BOPD by end of year, I think they should have waited for a better price.

That said, they have a very clear use of funds outlined which is a big positive. They have implemented their plan well to date and should continue to do so.

They also may not have had much choice re: raising funds. The current vertical drill contractors have done an excellent job and they may need to sign them up before they go to another job. Same issue with Range before Range commits rigs to other projects. Running a business is always different from theorising on the side lines.

Buying oportunity for those with funds.