Ann: Raising up to $US17.5m to fast track Snake R, page-17

re: Ann: Raising up to $US17.5m to fast track... Dis - you've hit the nail on the head...

"Or perhaps they had to clear the convertible notes as a condition of their RBL."

goodbye Iroquois, hello Ptolemy & RBL.

Good news for AOK, a few points;

- effectively raising $10M through equity. interest at 11.75% is a little high, but only just over $2M p.a. which isn't that big an issue. was above market price which is always a positive.
- cornerstone investor which will continue to support/drive AOK and what us shareholders all want.
- 3 board spots. from memory Kwang Hou Hung wasn't replaced, and a couple of others have to go. happy for Ptolmey to have 3 board spots. will drive AOK hard, what we want.
- paves the way for a RBL in the coming month or two.
- secured short term funding issue. i'm guessing AOK had about $2M in the bank

What I want to see by Christmas
- second rig. this is a must
- average 1,000boe/d in October
- RBL finalised and $15M+ (3rd rig in Jan/Feb)
- maybe a small increase in acreage but only if near snake river.

Happy to hold for now...still waiting on September numbers...