drilling has finally started, page-11

I’ve been thinking loudly about the consequences of OIP/GGX merger:

1. Our holding is diluted of about 95miil new shares (GGX- 177.22mill shares + 38mill options) /2.25 = 95mill new OIP shares
2. OIP stock might become more liquid (good/bad?). I think its good. (Overall 47% of GGX shares are hold by major shareholders – see below)
3. OIP would add GGX’s 1,3mill cash into its bank account
4. Exposure to WA, Philippines and France tenements (might be prosperous)
5. Experienced management

Well, I would say the deal with GGX is not ideal (I would prefer 1OIP share for every 3.5 GGX shares), however I’m inclining to accept that deal. Any thoughts?

Cheers nj

Substantial Shareholders List
Date of Change Shareholder Name Shareholding % Shares Held
15/09/2008 Scholstad, Keith 3,203,400 --
15/09/2008 Westpac Custodian Nominees Limited 7,000,000 --
15/10/2009 The Albers Group 14,270,024 8.05
13/07/2009 Darren Wesley Reeder 10,000,000 5.64
13/05/2009 King, David W 8,460,440 5.43
16/12/2008 Dennis J Morton 27,208,132 17.66
16/12/2008 Munns, David A 13,423,600 8.71