press release clarification GK responded to an enquiry that existing cash resources would be largely used up in cash burn through the delay resulting from the postponement of the completion of Breagh 1( due to the relegation of the three long-reach wells to phase 2), the increased costs of completion of the project, and a somewhat increased project equity backing. The prime necessity is to drill Ioana and Eugenia this year, which have an estimated cost of $30mm. There is no requirement to drill anything in Netherlands or France. They do not wish to go to the market, and will try to raise cash by the sale of Cladhan or a farm-down on the Romanian blocks. The NPV 10 of the share in Breagh is $640mm CAD or £411mm. I would have thought that instead of messing around with a consortium of banks they should float a 10 year corporate bond to the Pension Funds in the UK secured on Breagh, which would be better than gilt edged to them. The P90 on Cladhan might raise $50 or so now, but would not put the company on a sound footing.