cr, page-16

I too was led to believe that there would be no cash raising pre-drilling,such was the confidence and low risk nature.
Delays are inevitable but not capital intensive.

Prior to this announcement the stock available to purchase was getting rather thin with a lot of us expection a good push up once drilling started.

The company directors may have been approached with an offer too good to refuse,one thing is for sure to get set for say $1m before commencement would have taken the price to well over 4.0c. The best case scenario here is any placement/capital raising is by way of,firstly a premium to current market or a credit funding agreement,or a deal tagged to a farmout.

there will be a need to cashflow additional wells,a partner is a way to go.

I will be surprised/annoyed if it just a to Aust sophisticated investors at a 80% to market.

For the timebeing I will cut the directors some slack.