CAPITAL STRUCTURE

The capital structure of the company is:

 Issued Shares
 172,660,034
 Issued Options exercisable @ $0.25 before 31 March 2012  1,000,000
 Issued Options exercisable @ $0.50 before 31 March 2012  1,000,000

 

10,500 Convertible Preference Shares will each automatically convert into 1,000 ordinary fully paid shares on the completion of the following events-

  1. completion of the first well,
  2. achieving proven reserves of 2 Bcfe attributable to the company,
  3. achieving proven reserves of 4 Bcfe attributable to the company.