Ann: Sugarloaf Production and Operations Update , page-4

re: Ann: ADI: Sugarloaf Production and Operat... This is a very good report. The progress is better than I had expected.The progress of the horizontal drilling looks as though it has had no problems and should reach total depth. Another rig being mobilised is a plus for early income to increase.

This will mean (should mean) that the new issue will be taken up by existing shareholders. Existing holders now have the opportunity to sell at better than the issue price to fund the new issue at a profit. The EKA SP is still low in comparison to the other partners in the project.