Well I'm still not sure which way to vote on Res 4, but with the...

Well I'm still not sure which way to vote on Res 4, but with the size of both of my parcels, I'd have more chance staying dry when pissing into the wind, than my vote being meaningful.

However I will say that I have faith in the management, and think that this 70m share issue would have to be for something big - in my view either of the following:
1. Needing to immediately contribute to the pipeline for Songo-Songo
2. For works on Italy (once approved - expected shortly so people keep saying), Songo Songo West, or further drilling on the UK tennemants
3. For further purchase/investment/diversification of new assets.

The core purpose they mention behind this resolution is so they don't have to go to shareholders to get approval later. If they have to move quickly to takeup an opportunity then they may not be able to afford to wait the 28 days for an EGM, and may require more money than the 15-20% of shares they are allowed to issue without Shareholder Approval.

I have faith that if they needed to use this, they wouldn't be throwing money away. After all they would be diluting their own shares, and if not adding value (or getting production moving quicker), then they'd be pretty stupid doing it!