tanzania, page-38

Surandy70,

WSS is an interesting one, given we now have 100% interest. I wonder what we will get for it on a cash sale. ($1-2m?). The other option would be to farm out 80% or so, and retain a small interest. I expect news on this will be close at hand, following the vote later this month.

I fully agree that we sold our Tz assets too cheap, however we really left ourselves no other choice after some poor strategic decisions in 2009. On current cashflow calculations, you are spot on, I also think we will see a small placement after the EGO deal goes through (I am 99% sure this deal will be approved imo).

If we are to raise capital again for Lidsey #2, I expect a larger placement, possibly up to 100m around the 3-4 cent mark will be required.

Also, with the Italian economy now in trouble, you just have to wonder how longer the restrictions on offshore drilling will be in force. I hope Puma Petroleum are putting pressure on government agencies regarding our offshore interests.

Cheers
R