activity update, page-12

re: lion after entek I think that if they can somehow get the Oseil thing through to Phase 2, the remaining LIO shell will be viable, esp at current oil prices. Entek looks like it is worth on face value 0.2 a share, so the 0.3 would be the entry to both Bula and Oseil.

The Oseil thing has been painfully slow coming to fruition, but production is now climbing. Surely their share of the production cashflow would go most of the way to meeting capex requirements. Also the fact that their own drilling rig can provide a lot of the drilling work for the Phase 2 should help, but they have been very MUM about the drilling rig lately and I suspect it is mostly idle.

This company must go cash positive at some point. (In my dreams they may at some point start buying back and cancelling their own shares, although a consolidation is more likely first). I await the next qrtly report with interest.