Options, page-5

Whilst the market has been the killer , we have been woefully exposed to it due to being underfunded from the beginning for what we are trying to achieve - which is ambitious .

Ron Miller obviously knew this which was why their preferred option was to reduce their interest by selling to Magna rather than have them come on board as Oilex largest shareholder instead .

Over the past 18 months the operational performance has not been perfect but it's been better than anyone else's attempts at getting these types of reservoirs to work outside the Americas .

With hindsight it's difficult to see what the company could have done differently to effect a different outcome due to the fundamental problem of being undercapitalised .

It has become the epitome of a long-term investment ; a short term investment gone wrong .