demerger - more than a gleam in the eye, page-24

Well that all took a nasty little turn for the worse.

The really annoying things are:

1) total volumes traded since the SP was above $0.50 on the 29/8 are 30/8:296.5k 31/8:102.7k 3/9:38k 4/9:232k and 5/9:104.3k = a total of 773.5k or to put it another way trading in 0.3% of the stock resulted in a 20% drop in share price.

2) WTI POO has held roughly static in a trading range between US$97 and $95 /bbl

3) the XJO has fallen only slightly from about 4340 to about 4280

4) there was some great developments announced at the EGM eg new drilling timetable, the facility agreement, JV, new leases and possible 1:1 demerger

The only "bad" thing is that there is no update on the EFS sale. Seems to me that if management is actually holding out for a decent price (and effectively knocking back all bids until they get it) then maybe they should give the shareholders an indication of what that price is.

That would restore faith pretty quickly!