Ann: Quarterly Report for the Quarter Ended 30th , page-11

re: Ann: Quarterly Report for the Quarter End... The management decided to make the rights issue underwritten - it's their right.
Everyone had the equal opportunity to participate in the offer accordingly to his/her own confidence and believe in the company. We had enough time to observe and make a decision: do we trust this management. We also know that we found gas, and we heard about the big potential of the entire field and all the other projects in Italy and England, lets not forget the smart money management throughout the tough crisis times.

Now they need more money in order to push the status of the company as a producer and keep cash for the other projects. Well, it's not easy to sacrifice more money for share which is traded below the issue price, after the markets had the correction of a lifetime and most people suffered losses. So the confidence was tested!

If we have good news re Tanzania or something else then some holders, who missed to participate, may feel sorry afterwards. At the end of the day the most supportive shareholders might end up with the most benefit (I hope that is the case)and that's fine with me :) as I think it's fair. The patience and the sacrifice should be rewarded!

Of course the management must have a long term idea and better view (then us) where about is the company heading. If someone (including the management) ends up with more shares, because of the underwritten wrights issue, to read into this confidence of the management libel intends is not very fair!