Ann: Renounceable Entitlement Offer to Shareholde, page-18

re: Ann: Renounceable Entitlement Offer to Sh... I am just reading the last quarterly and Borsano makes a bit more sense now. Approval for seismic was given by Ministry of Environment on Lampedusa and West Sardinia a while ago so they could very easy pop up..
"The Company continues to develop its business activities and opportunities in Italy through interaction with the local oil and gas industry. This is being done through one on one meetings and attendance at various in-country conferences and meetings."

This bit reads well looking back.. "The Company recognizes that projects do not move forward at a fast pace in Italy but the long term growth potential is believed to be very significant in and around the country."

Also interesting is Suriname..
"Uitkijk Block – 10 well drilling campaign now completed. The Operator has not released any updated results at time of issuing this report. Rig to relocate to Coronie block."

I was reading Staatsoile newsletter and they have the following...
http://www.staatsolie.com/newsletter/Nieuws.pdf
Exploration Program Paradise Oil Company
Paradise Oil Company (POC), a Staatsolie subsidiary, and its joint-venture partner Tullow Oil are getting ready for Exploration drilling in Coronie. Preparations started in 2007, with aerial and land scouting. An environmental impact assessment was also conducted. The Coronie exploration program is multi-pronged. The first phase comprehends drilling five wells. If the results are encouraging, the second phase will commence with a minimum of ten wells.
The Coronie block extends some 2,500 sq. km, and has mainly no villages, rivers and infrastructure, except for the northern part. Accessibility is limited because the area consists mainly of swamp. Previous explorations reached the border of the area. Despite the limited geological data available for this block, a geological concept has been drafted. The first five wells in the program will supply data to work out this concept.
The exploration drilling program in Coronie is part of the production sharing contract signed with the British/Irish company Tullow Oil in February 2007 for the Uitkijk and Coronie Blocks. Paradise Oil has a 60 percent stake in the contract while Tullow Oil holds the remaining 40 percent."

Uitkijk was drilled by Staatsoile rig, Coronie is to be drilled by contractors.

Now we know they hit oil in a few of the early ones in Uitkijk, but no info has been released yet... Now Tullow are not in the small end of town (66,600 boepd for 2008), for them not to have sold this off leads me to think that it is worth hanging around for..

So a bit more patience... and watch more of those $500 parcels go through so people can participate..