maddog

Maddog,

To answer your question from the GBG thread I existed EXE as soon it was announced that Katherine west was a fizzer and that there were no immediate plans to do further work on Katherine west (which I interpreted to mean that the company thought it would be a fizzer too). In fact at that time after the Katherine news it was also announced that their next target was near an earlier fizzer (can't remember names atm) so I didn't hold much hope for future success. Shortly before this all happened info had been released, hidden in a quarterly and a preso, that the CSG prospects were not looking promising due to the compartmental nature of the coal. The company fulfilled their legal obligations by releasing this data but you had to be looking for it. IE they didn't exactly wave a big red flag to announce the non event of the hoped for CSG resource....not that I would have expected them to as their job is to sell the company in a positive light whilst adhering to ASX disclosure rules...which they did.

So by the time Katherine results came around I was already trigger happy. EXE had promised so much and CNOOC's involvement seemed to validate that hope. The promise of CSG, conventional oil and shale oil and gas was very alluring..... By the time Katherine went from being a potential winner to a fizzer for conventional oil, CSG was already off the menu and cash burn had been pretty steep.

Sometimes the best laid plans go awry and pulling out when I did has proven to have been a wise move. I did some dough but things could have been much worse. EXE may yet have some success in the future with their new ground but all the reasons I originally had for holding all evaporated this year. I am sure mangament of EXE are as disappointed as we are about the way things have panned out....but if there ain't no gas or oil then there ain't no gas or oil.

Hope that is helpful.