Web Site : http://www.taghmenenergy.com/

Email : info@taghmenenergy.com

New September 2005 Investor Presentation (MS Powerpoint);

http://www.taghmenenergy.com/documents/taghmen_09_05.pps


Read about the new exciting and potentially massive Belize Block 19:

http://www.ciglobal.com/document.asp?DocumentID=109

http://www.gtlaw.com/pub/pr/2001/millerm01a.htm





Taghmen Energy's subsidiary is Petrolatina

Taghmen Energy is an early stage play on being first mover in Guatemala, which management describes as one of the worlds most under-explored oil and gas regions with a proven reserve base of 87 billion barrels. The geology is said to be similar to southern Mexico, which currently produces 3.5 million barrels of oil per day.No extra funds were in the flotation which valued the company at 35 million. The move was sponsored by Canaccord Capital which has enjoyed a good reputation promoting natural resources companies
____________________________________________________________________

Significant stakeholders now include Fidelity, RAB, Metage and Millennium.

Major Shareholders : Shares in issue: 53.95M

Gregory Charles Smith............................13,600,001......25.20% Dir
Millennium Global High Yield Fund Ltd..........8,264,959.......15.32%
Chasm Lake Management Services LLC.......5,615,385.......10.41%
RAB Energy Fund Ltd...............................4,480,770........8.30%
Fidelity Investment Services Limited...........4,745,755........8.79%
RAB Special Situations LP.........................3,713,077........6.88%
Moore Capital Management Inc..................2,538,462........4.70%
Meridian Natural Resources High Yield Fund..2,423,078........4.49%
Metage Funds Ltd...................................1,897,470........3.51%
James De Vaux Guiang.............................1,000,000........1.85% Dir
Nicholas Hugo Gay...................................750,000..........1.39% Dir
John McNeil Scott....................................750,000..........1.39% Dir

Total held by major shareholders = more than 92.13%

Remaining percentage available = approx 4.5 million shares
____________________________________________________________________

Drilling Update

RNS Number:9432U
Taghmen Energy PLC
01 December 2005
TAGHMEN ENERGY Plc

Las Casas-Well 3X produces high quality oil

Taghmen Energy Plc ("Taghmen" or the "Company") an independent oil and gas
exploration, development and production company, focused on Latin America, which
listed on AIM in January 2005 announces the result of the initial test of its
Well 3X. The well is currently producing 40o API oil at an estimated rate of
100 barrels of oil per day ("bopd") under "swabbing" operations.

Based on the Company's current understanding, the well will be economic to
produce and together with the completion of a successful sidetrack of Well 1X in
early 2006, will lead to the commercial development of the Las Casas Field,
within Licence 6-93.

Well 3X

Well 3X is Taghmen's first oil discovery and the first new exploration well
drilled on the Las Casas structure within Licence 6-93 in Guatemala. It was
drilled to a total depth of 9,300 feet. The well was logged and three pay zones
were identified. Only one of these has been perforated so far.

The well has now been "swabbed" for five days resulting in a calculated daily
flow rate of 100 bopd. It is planned to perform an acid treatment to stimulate
production further. This will be followed by the installation of a Progressive
Cavity Pump and the well will then be put on a long term production test. It is
anticipated that the use of a pump will increase production from the well
materially. The use of pumps to maintain production is standard procedure in
Guatemala.

With an API of 40o, this is the highest quality oil found to date in Guatemala
and should therefore command a price close to world prices.


Forward Programme

The necessary infrastructure exists on site to allow the immediate production,
storage and sale of the crude oil produced.

In addition to the sidetrack of Well 1X, the Company is also planning a seismic
programme over the remainder of Licence 6-93, to confirm further drilling
locations.

Nicholas Gay, President and CEO of Taghmen Energy Plc:

"This is a significant development for Taghmen. We believe that the continuation
of further testing and cleaning up of the well will prove to be beneficial to
increase the production and maintain the high quality of hydrocarbons that are
apparent in the Las Casas structure."
____________________________________________________________________

Las Casas Weather Link : http://www.fallingrain.com/world/GT/14/Las_Casas.html
____________________________________________________________________

Glossary of terms used in the oil business : Link Here
____________________________________________________________________

ABOUT TAGHMEN ENERGY

Management
125 years of combined oil and gas industry experience
Various members of the management group have previously worked together and they have extensive international oil and gas experience in a number of projects within both developing and developed countries including Russia, Egypt, Kazakhstan, Canada, Azerbaijan and the UK.
The Directors consider that the key strength of the Groups management team lies in its track record in finding and developing oil and gas fields in developing countries, accessing the necessary operating personnel and developing local staff.

Nicholas Gay and John Scott worked together in Russia at Bitech. While at Bitech, Bitech acquired Vanguard Oil Corporation where, together with Geoffrey Killick, they discovered and developed the Rabeh East oil field in Egypt, which was at the time estimated by Bitechs management to have proved and probable in excess of 20 million barrels of recoverable oil.
Separately, Nicholas Gay was a key player in the development and success of PetroKazakhstan Inc (formerly Hurricane Hydrocarbons Limited in Kazakhstan), while John Scott was Chief Operating Officer of Arawak Energy Corporation, a Canadian publicly listed company, in Azerbaijan and was instrumental in the development of that company.
Michael Realini, currently President of Mexpetrol, has worked in Guatemala between 1992 and 1998 as the Vice-President of Exploration of Pentagon Petroleum Inc. He was appointed as the General Manager of Mexpetrol in 2002.
Gregory Smith and Nicholas Gay have relationships with the financial and banking community and have a proven track record in raising both equity and debt finance.
History
The company was formed in July 2004 to acquire and pursue exploration, development and production of oil and gas assets with an initial focus in Latin America.

In 2004, the company raised .3 million (net of costs) through private placements principally with institutional investors to fund the acquisition of Mexpetrol which owns the licence in Guatemala and subsequent operations related thereto.
The Companys current operations comprise the exploration and development of oil and gas reserves in Guatemala, in particular the Las Casas 6-93 concession covering 130,186 hectares in the Peten basin of Guatemala.
The Las Casas lincence was obtained through the purchase of Mexpetrol (Guatemala) Corporation for an aggregate consideration of US.3 million.
Initially Guatemala
Guatemala, a relatively under-explored region, with a high level of prospectivity:
Close proximity to to Mexico and its highly productive fields
The oil and gas fields along the southern margin of the south Peten Basin including Rubelsanto and the area covered by the license lie in a similar geological setting to the oil and gas fields in southern Mexico.
The reservoirs under these fields are of the same age and the two areas have undergone a similar geological history. Many comparisons can therefore be made between the two areas as seismic and sub-service data suggest that the Chiapas southwestern geological trend extends into the Southern Peten (Chapayal) basin. The directors consider reservoir deposits Reefel such as are proven in Mexico have not yet been drilled in Guatemala and could be a valid exploration target in Guatemala.
The economy of Guatemala is growing and there is a strong demand and need for oil and gas energy. The recently elected Government is keen to promote inward investment in general and specifically from small entrepreneurial companies, such as Taghmen.

Licenses
The Company holds the exploration and production licence to the Las Casas 6-93 concession which allows for the exploration and development of the property covering a total of 323,000 acres in the Peten Basin.
The Licence was granted in October 1993 for a 25 year period.
The current 2004 work programme calls for the work over of the 2X well and the drilling of the 3X well, while that for 2005 requires the workover of the 1X well and the drilling of the 4X well.
The licence is issued as production sharing agreement with royalty based on the API of the crude and profit shares governed by the production levels.
A new licencing round is set to to take place in Guatemala in early 2005. The Company intends to bid in the next licencing round.
Research links ;

http://www.taghmenenergy.com/documents/taghmen_float.pps

http://www.resourceinvestor.com/pebble.asp?relid=8052

http://www.taghmenenergy.com/documents/taghmen_aim_listing.pdf

http://www.findarticles.com/p/articles/mi_m3159/is_8_220/ai_55822340/pg_3

http://www.costaricabusinessclub.com/187/english/news.html

http://www.mbendi.co.za/a_sndmsg/news_view.asp?I=67434&PG=23

http://www.ihsenergy.com/company/pressroom/articles/files/07-05-worldwatch.pdf

http://www.ideasintl.com/news/Articles/TaghmenEnergy.htm

Shareholders :

Shares in issue: 49.9m US$0.10 Ords

Major Shareholders

Gregory Charles Smith 13,600,001 27.24% Dir
Millennium Global High Yield Fund Ltd 7,153,848 14.33%
Chasm Lake Management Services LLC 5,615,385 11.25%
RAB Energy Fund Ltd 4,480,770 8.98%
RAB Special Situations LP 3,713,077 7.44%
Moore Capital Management Inc 2,538,462 5.08%
Meridian Natural Resources High Yield Fund 2,423,078 4.85%
Fidelity Investment Services Limited 2,279,573 4.57%
Metage Funds Ltd 1,897,470 3.80%

Other Directors

James De Vaux Guiang 1,000,000 2.003% Dir
Nicholas Hugo Gay 750,000 1.502% Dir
John McNeil Scott 750,000 1.502% Dir

Taghmen Energy PLC
01 March 2005


TAGHMEN ENERGY Plc

www.taghmenenergy.com


OPERATIONS UPDATE


Taghmen Energy Plc ('Taghmen' or the 'Company') an independent oil and gas
exploration, development and production company, focussed on Latin America,
announces that it has recently commenced operations in Guatemala.


At the time of listing the Company advised that it was planning to work-over two
existing wells. Las Casas 1X and 2X, complete cased hole logs and seek to
establish production from these wells. Operations have now commenced and the two
wells are in the last stage of preparation before logging. This is expected to
take place within the next few days. The cost of the work programme is being
funded from existing resources.


In addition, the Company has entered into a three well contract with Roll'n
Oilfield Ventures Limited ('Roll'n') for the use of a Dreco drilling rig. The
rig is currently being mobilised and is expected to arrive in Guatemala in late
March. The first well, Las Casas 3x, has a planned 'spud' date of mid - April.
The well is expected to take 45 days to complete.


Roll'n has agreed to settle the mobilisation fee primarily in shares of the
Company. These will be issued at the listing price of 0.70 (approximately US
$1.30) per share, which is equivalent to the market price.


In presentations held last week in Houston and London, the Guatemalan Government
announced that the expected licencing round will take place over the next few
months, with bids needing to be submitted in early May and announcement of award
in mid June. The Company intends to bid in this licencing round.


Taghmen continues to evaluate a number of opportunities for exploration and
development within Latin America.

Nicholas Gay, Chief Executive of Taghmen Energy commented:


' We are pleased that our work over programme in Guatemala is progressing in
line with initial projections. We hope to have the results of the Las Casas 3x
well by the end of the first half of the year.


We are committed to developing Taghmen into a leading Latin American exploration
and production company and are making good progress in evaluating a number of
potential opportunities.'


Taghmen listed on AIM in January 2005. Its current oil and gas assets in
Guatemala comprise the Las Casas 6-93 concession covering 130/186 hectares in
the Peten Basin of Guatemala which, based on a recent independent evaluation, is
estimated to contain potential gross reserves of approximately 29.6 million
barrels.

1 March 2005


For further information, please contact:

Taghmen Energy Nicholas Gay,
Nicholasgay@taghmenenergy.com

+44(0)2072974360

www.taghmenenergy.com
President & CEO

Pelham Public Relations James Henderson
James.henderson@pelhampr.com

+44(0)2077436673

Charles Vivian
Charles.vivian@pelhampr.com

+44(0)2077436672

Notes to Editors

Details on the Guatemalan Licencing Round are set out below.

The Licencing Round consists of two blocks. These are located to the west of
Taghmen's existing licence and are designated as Area 6-2005 (Rubelsanto) and
7-2005 (Tortugas/Atzam).

Area 6 - 2005 (Rubelsanto)

This area contains three anticlines trending north west - south east, with
reservoirs in the Upper Cretaceous Coban C carbonates. Current production is
said to be approximately 1,700 barrels per day ('bopd'), Extensive facilities
also exist at Rubelsanto. Additional undrilled prospects have been identified in
the area and the north flank of Rubelsanto field has not been explored.

Area 7 - 2005 (Tortugas/Atzam)


This area contains two oilfields: Tortugas and Atzam. Both these fields contain
oil in the Coban C formation and the structures are related to salt tectonics.
Tortugas lies on the edge of a salt diapir that exposes salt on the surface and
Atzam is a salt cored anticline.


Tortugas has proven production from the Coban C17 from shallow depths (<2,800')
at rates of over 600 bopd. Additional potential has been identified in the Coban
C13 to C16 reservoirs. In Atzam the reservoir lies at greater depths (c3,500')
and oil has been produced from the Coban C19 at rates in excess of 1,300 bopd.


The Coban dolomites are the main producing reservoirs in Guatemala. The
formation is divided into sub units of which B, C and D are the main intervals
in which hydrocarbons have been identified.




This information is provided by RNS
The company news service from the London Stock Exchange

The whole oil sector is going to go through a very interesting period, for sure its a limited resource and will eventually run out. The present rush to Bio fuels is concurrent with the short time rise that oil will go through, and we can expect a peak of about 90$ a barrel until all these new companies start to pump oil, which should see a long term price fall from the 90's down to around 50$ a barrel.

For the investor there is a double gain here, in the short term, 1 to 2 years there will no doubt be a rush for bio alternatives, which will make good returns. Short term as well as soon as any of these oil exploration companies start to produce oil can sell at extremely good prices, which will also make previous not viable wells into viable ones.

If we talk in a 5 year period, then I would forsee a couple of years growth in oil/gas exploration and bio alternatives up to the point of around 90$ a barrel, then with more and more oil becoming on line, a reduction in the alternative fuel market (although viable and profit making, the focus will drop), however, oil and gas will continue to made good runs in the next 5 years, from where we are now to the 90$ a barrel mark, and also during the fall to a price of around 55$ a barrel in approx 4 to 5 years time.

June/July would indeed appear to be a very good time for TAG with the if's and when's answered to some extent and a trickle of oil starting to flow.

DYOR, I have found most "experts" now pointing to a rise to 90$ a barrel before a drop back to the 50$ mark in the coming years.

The significant holding of RAB also bodes very well.

RAB Energy Fund Ltd 4,480,770 8.98%
RAB Special Situations LP 3,713,077 7.44%

Philip Richards's RAB Special Situations fund is definitely at the riskier end of the fund spectrum and is probably not for the faint-hearted.

But it has made a lot of money for investors. Anyone who invested in the fund when it launched at the beginning of 2003 would have seen his money grow by 20 times.

------------------

In the next few months, RAB will launch the two new vehicles and reallocate the global macro fund's remaining assets between these. Gavin Wilson will manage the energy fund while Harvey Neale will oversee the index futures vehicle. Both managers have strong investment experience and RAB sees a lot of opportunities in energy, said Alen-Buckley.

Although the macro fund has been smacked hard, RAB's other funds have performed well. The firm's special situations fund had gross returns of 21% in February, while its energy fund returned 12%. A commodity trading fund that was launched in the past few weeks is already up approximately 5%, said Alen-Buckley.

Thanks PP that's good news for patient RAB holders as their shares were smacked hard too! Recovery well on the way and seems the best way of sharing in all their success. cheers MP

Now that trading positions have been cleared on the "witching" day yesterday, we should, IMO, see a very interesting Q2. Late Q2 for TAG should be more bullish and all being well Q3 very exciting.

PpP: Thanks for your earlier posts. Had already looked at TAG and decided that RAB was the best route into these minnows. Have been waiting for a dip and now it looks right.
I agree with your oil price forecasts, but we won't run out of oil. As Warren Buffet said on the subject 'the stone age didn't end because we ran out of stone' and neither will the oil age. I have just been handed a mass of stuff about BP's extraction programme from the tar sands which contain massive reserves - expensive but plentiful.
Have been away and will post later also with comment on your APH post.
sd

squidd - Thanks, will look forward to your post. I have just updated the APH thread with some news on RAB Captial (who are into APH along with Nigel Wray).

Things were strange yesterday Fri 18th March as it was a quadruple witching day - where stock and index futures and options expire across Europe and the US. This always skews the markets as traders close positions.

PpP: Have read again your original TAG post and am sorely tempted. My gambler's instinct tells me there's no point in putting this on a watch list - one blink and I could miss blast-off. So now it's decision time.
Meanwhile, investors in oil should visit Kimmeridge, a beauty spot on the Dorset coast for a glimpse of the past and the future, for here the cliffs are made of oil shale. On the West cliff is a small BP nodding donkey, denoting the 20th C. and on the East cliff is the Clavell Tower, a monument to the 18th C. oil barons who extracted lamp oil from the shale: and this points the way to the 21st C. because much new reserves are from this source, though not in Dorset. The best known site is at Athabasca in N Canada, where Shell is sitting on reserves thought by some to equal those of Saudi, and where high oil prices have encouraged a rapid expansion of production - currently about 200K bpd. SEC rules do not permit Shell to count these as proven reserves but they are very real, and helped some of us to conclude that Shell was a recovery stock during the reserves depressionb last year. sd.

There seems to be no investor interest in this one at all--anyone any comments or updates?

Money+,

well, as we can see from the chart below, the price is faling steadily, so I wouldn't be a buyer here until a base is established.

maybe the thread originator can put some links and company information in the header, that may attract more people to the thread.

resizing the charts may help too!

June/July = updates on Las Casas workovers and new well 3x
July/August = New licenses
Oct/Nov = New Las Casas well updates

It seems to be a very gloomy period for all AIM stocks, especially the former high flyers and oil minnows. My only blue areas are ELA and CSB and I'm staying about 50% liquid, in case G.W.B. ruins the party. But there are always opportunities so let's keep watching.
sd.

As an update as far as I can give the Las Casas 1x and 2x are being worked over and Las Casas 3x was due for "spud" around mid to late April with a timescale of around 45 days (call it 60 days to be safe).

The two new bids for blocks A6 and A7 were delayed until mid June by the Guatamalan government.

I would therefore expect an update on 1x,2x and 3x when the bid is submitted this month to confirm the bid is in place and to bring us up to date on progress or after its awarded around the end of July as the bid and award process will take around 6 weeks once the bids are allowed to be submitted by the government.

Once the first new well (Las Casas 3x) is done under the three well agreement with Rolln we can then look forward to news on the next two wells under that agreement.

The shares are tightly held and weak holders already out so they have time to get everything in place to allow a flow of good news so although June could have news it also could be they will wait until the end of July when A6 and A7 are awarded. 1x and 2x are proven but were not that profitable around the 20$ a barrel mark but they are now and why they are being worked over. 3x is proven and is hoped to flow anywhere around 500 to 3000 bopd so it is sure before too long they will be producing oil that can easily be moved due to the pipeline infrastructure already there for which agreements have been made.


Details on the Guatemalan Licencing Round are set out below.

The Licencing Round consists of two blocks. These are located to the west of
Taghmen's existing licence and are designated as Area 6-2005 (Rubelsanto) and
7-2005 (Tortugas/Atzam).

Area 6 - 2005 (Rubelsanto)

This area contains three anticlines trending north west - south east, with
reservoirs in the Upper Cretaceous Coban C carbonates. Current production is
said to be approximately 1,700 barrels per day ('bopd'), Extensive facilities
also exist at Rubelsanto. Additional undrilled prospects have been identified in the area and the north flank of Rubelsanto field has not been explored.

Area 7 - 2005 (Tortugas/Atzam)

This area contains two oilfields: Tortugas and Atzam. Both these fields contain
oil in the Coban C formationand the structures are related to salt tectonics.
Tortugas lies on the edge of a salt diapir that exposes salt on the surface and
Atzam is a salt cored anticline.
Tortugas has proven production from the Coban C17 from shallow depths (<2,800')
at rates of over 600 bopd. Additional potential has been identified in the Coban C13 to C16 reservoirs. In Atzam the reservoir lies at greater depths (c3,500') and oil has been produced from the Coban C19 at rates in excess of 1,300 bopd.

The Coban dolomites are the main producing reservoirs in Guatemala. The
formation is divided into sub units of which B, C and D are the main intervals
in which hydrocarbons have been identified.

Its very old news but shows exciting potential for this;

http://www.findarticles.com/p/articles/mi_m3159/is_8_220/ai_55822340/pg_3

1999

Guatemala had disappointing results with its second licensing round held last fall. With only two bidders, Perez Companc and Norcen (later acquired by Union Pacific Resources, UPR), the country chose to suspend its third bidding round indefinitely. UPR, the country's leading producer, continues development in the northwestern Peten basin, drilling seven infill wells at Xan field in 1998 with plans to drill four exploration wells in 1999.

Canada's Enterprise Development Corp. tested its Las Casas 1X well in September 1998. The well flowed 38 [degrees] API crude with wet gas at rates up to 2,500 bopd. Testing was suspended to procure higher-capacity test equipment. The company was optimistic that the well will be deemed commercial. The company also plans a horizontal sidetrack of the Las Casas 2x well.

Again very old report but a good insight;

http://www.costaricabusinessclub.com/187/english/news.html

GUATEMALA CITY, Guatemala

Mexpetrol Guatemala Corp Received Approval From Director General, Hydrocarbons In Guatemala To Proceed With Testing And Development, Plans For The Las Casas And Huapac Structures.
American Reserve Energy Corporation and Las Casas Energy Corporation reports:
Mexpetrol Guatemala Corporation, 100% owned subsidiary of Las Casas Energy Corporation, today received approval from the Director General of Hydrocarbons in Guatemala to proceed with testing and development plans for the Las Casas and Huapac structures. These structures are located within Mexpetrol's 100% owned 321,685 acre Exploitation Contract. Testing to determine stabilized oil production flow rates and sales volumes of the sweet 37 deg API oil from the Las Casas 1X well will start early next week. It is estimated that one week of testing the Las Casas 1X well is required and daily production rates will be announced when determined. The Las Casas 1X well tested 500 BOPD in 1989 from 40' of perforations. Mexpetrol tested the well at 700 BOPD in 1996 from the same 40' of perforations. In 1998 it was discovered the 40' of perforations made in 1989 were off target and the well was reperforated on target between 8420' to 8760' with 311' of perforations made successfully and tested. The final flowing oil and gas rates from this test exceeded the 2450 BOPD capability of the oil/ gas/water separator and the well had to be shut in before a stabilized oil production rate could be determined. The well has been shutin since then.
The Las Casas 2X well, situated down dip and 1300' on surface from the Las Casas 1X well will be reentered and a lateral extension drilled. Whipstocking this well is anticipated to result in increased inflow rates substantially higher than the initial 2X well production test results. Petroleum consultants Ryder Scott Company estimate the Las Casas structure could require the drilling of up to 10 to 15 wells. A new large capacity gas/oil/water separator, jet pump, storage tanks and ancillary equipment have been installed on site. An additional 5,000 Bbl oil storage tank is under construction.
Forty (40) km to the north of Las Casas is the Huapac #1 well drilled to 8920' by Getty Oil in 1980. This well was tested in three Coban "C" (5212' 7530') intervals for oil with negative results and P and A'd in December of the same year. Below the Coban "C" is the Coban "D" dolomite from 7530' to 8650'. This 530' interval demonstrates a strong gas (oil) show on logs from 8080' 8610' and will be tested later this year as well workover equipment becomes available. Target is +300 BCF gas.
Additionally, a major U.S. energy production company has opened negotiations with a written joint venture offer for 75% of Las Casas' 50% owned Wyoming properties.

http://www.mbendi.co.za/a_sndmsg/news_view.asp?I=67434&PG=23

Guatemala delays bids for blocks A6 and A7
It has been reported that Guatemala's energy and mines ministry has delayed receiving bids for blocks A6 and A7, which make up its 2005 oil exploration and production bid round, until mid-June.

The original date to submit bids was May 16. The process has been slowed down because the bidding rules have not yet been approved by the government's executive branch.

Companies will have a maximum of 30 days to submit offers after the bidding rules are published, according to Romero.
Block A6 covers 46.9ha and is made up of four fields currently producing about 1,800 barrels a day. Proved remaining reserves are some 50 million barrels (Mb) of 21-28 degree API crude.

The ministry has added to block A6 an area that contains three new undeveloped structures besides the four producing fields. Possible reserves on the three new structures are 50Mb.

UK oil company Perenco operates block A6 but its contract expires on 13 August 2005.

Block A7 covers 34ha and has two structures, Atzam and Tortugas. Two wells on each of the structures were drilled in the 1970s and both structures tested at 1,200b/d of 34-38 degree API crude but neither were developed. Proven preserves are some 60Mb of oil. Block A7 is not presently in production.

Update on the major shareholders put in the header too ;

Gregory Smith.................19,865,386....23.04%
Millennium Global.............13,307,696....15.36%
Chasm Lake Management.........10,230,770....11.81%
RAB Energy Fund................8,711,540....10.05%
RAB Special Situations.........7,176,154.....8.28%
Moore Capital Management.......4,076,924.....4.70%
Meridian Natural Resources.....4,346,156.....5.02%
Fidelity Investment............4,559,146.....5.26%
Metage Funds Limited...........3,128,240.....3.61%
Nicholas Gay...................1,000,000.....1.50%
John Scott.....................1,000,000.....1.44%
James Guiang...................1,396,125.....1.16%

Total held = 91.23%