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Message: News Release

Re: News Release/Dunnock

posted on Jun 03, 2008 07:35AM

It was posted first thing this morning UK time. I thought it gave us a little more information about progress with the casing, but something from CQV would be welcome. I don't know what's happened to the SPE web site but I can't get anything more than the home page. I just hope that SPE are not deliberately dragging their heels in anticipation of the upcoming AGM, but I doubt that they could, even if they wanted to do so. As I see it, the timing of the release of the rig to PDI, who have to spud by early August, must be part of the earn in agreement. Added to that, even if there is a unanimous vote in favour of the merger between SPE and Union Gold, there will be a significant delay before the shares of the newly merged company start trading. Also, Nabors are actually doing the drilling and I wouldn't expect that they would comply with any delays being dragged out too long, nor would the partners be pleased about contributing to the extra rental costs involved.



Regards

Dunnock

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