cash, page-10

oscar,

'engineering' and event. They already have a massive one in front of them with Artemis. They have alreday engineered the November rights issue to drill BraveHeart and Cornea off the back of the news of MEOs farmout.

That was the entire point of 'selling' the interest in WA360P to MOG as they were a nothing company before that.

I dont think there is much to do for the moment other than sit tight and wait for FIRB, Drilling Date, Spud Date and Results from Artemis ==> all of which will progressively derisk to future upside.

I think the company had ought to be careful about the balance it will try and strike for funding its other liabilities.

I dont think that an SPP or rights issue would be successful. Perhaps an institional placement, but most likely an asset/interest sale.

While a sale would give them cash - it may be not enough to get on with drilling the other prospects - for this reason it could be possible for them to ride the storm out through to Artemis drilling.

At worst, the company might open another line of credit.
For this reasn i think that it would be quite likely that they would move to sell a small piece of Artemis so they are not left exposed with debt after the drill. The time to do this would be between when the rig is confirmed and then on its way as the share price should have a little pep in its step by then.

Cheers,

SF