Ann: Financing Documentation Finalised for LLGP , page-26

re: Ann: Financing Documentation Finalised fo... JID

That is a realistic set of figures.

Do you have any idea of how much more dilution will be required to develop LL? At present there are some 580 million shares and options on issue. I suppose if all the options are taken up then EVG may have enough cash to expand beyond LL without further heavy dilution. But I get the feeling that EVG is seeking a further capital injection now.

I can not see EVG going much higher in the next 12-24 months because the hedge will eat up most of the upside from the LL operations. They really need a second project to get up without any hedging. What do you think?

loki