todays news, page-5

I have to say that on reflection today's EGM and Chairman's Address were quite disappointing.

The purpose of the EGM was to ratify the issue of shares and options to sophs so that a further 15% of capital can be raised within the next 12 months without approval from shareholders yet there was very little in the Chairman's Address about the raising, the purpose of the funds, nor why the vote was needed now rather than including it in the AGM.

I know that Ted had fallen on his sword but here was his opportunity to talk up the prospects of the company yet no such discussion took place.

I still don't understand the desperation they seem to be exhibiting in wanting out of Tanzania for the supposed safety of "low risk drilling" in the UK and Australia. No explanation as to why the UK assets are underperforming to such a great extent.

The presentations at the time of the UK purchase indicated that the cost to produce oil from the UK assets was $20 per barrel yet the actual figures are way off that lowball figure. I thought they did due diligence prior to purchase?

Did Ken speak at the EGM at all? If so, what did he have to say? Was anyone from here at the EGM?

And where were RAW's supposed 20% support against the incumbents? Surely they would all have voted against the resolutions at today's EGM? Why then was there less than 15% of shareholder votes against the resolutions?