Ann: AGM Presentation to Shareholders, page-9

Basically 1 offer dictated they could recall their money at any time, the other said they had to use their hedging (at present they use 3 different providers and it provides flexibility and best price) and the 3rd was a revolving line of credit at a considerably high price.

The last resolution was for a further CR of 10% of the float, making it possible to raise 25% (15% + 10%) of the float without shareholder vote. They reckon the convertible note holders have all but sold their holding, so that overhang is gone. My guess is they will CR to the insto's and Ptolemy (as Ptolemy were happy to collect convertible note holders shares but they didn't get a chance as the into's have been purchasing).

they didn't say what they would spend the cash on specifically but will continue drilling and purchasing additional land. The gas infrastructure is AOK biggest hurdle in the ST, with about 20 wells in pre-production. My guess is they will continue with business as usual and not raise or use RBL until early next year as there is no point as they have adequate capital and enough cash for 6/7mths. If they were to borrow or CR I'm guessing it would be for a 3rd rig, but there is no point at this stage as they can't bring the wells on line until probably next year with the back log.

Richard said, quote; 'the best time to borrow, is when you don't need the money'.

Not expected any big news events in ST. Monthly production figures will continue, towards end of following month. just waiting now for wells in pre-production to come on line and see what flow rates are like.