well now we know what the cost will be not bad, page-5

Invertedva,

Looking at the numbers on Gazonor (last few quarters) I am a bit surprised on how you arrive at a more than EUR40m valuation. Can you please elaborate as you rightly said valuation is the sum of future cash flows?

We are in a much better position than before the acquisition of Gazonor, although we have lost the producing asset, we still have the CBM Gazonor as well as upside on Poissonniere and Desiree which is then more than what we had before the acquisition at the end of 07. It seems to me the share price was much higher before the acquistion of Gazonor. In addition we now have a much better management team

As for the cash injection I m sure that a fund raising is the next step. The debt outstanding made it impossible for the company to raise money.

Anyway we ll see over the next few months how things work out.