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INVESTMENT CASE<br />

CAPITALISATION<br />

Listed on London’s AIM (1) WTI<br />

Common shares 537 million<br />

Warrants & options 27.7 million<br />

Market cap (fully diluted)<br />

~ £20 million<br />

Cash US$ 7.2 million<br />

Debt ~ US$ 4.1 million<br />

Note 1 – as at 30 th March 2013<br />

Note 2 – Webster (5.1%), Martinick (3.6%)<br />

Note 3 – GRN (5.1%), GIPF (2.4%)

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