Ann: Investor Roadshow Presentation March 2014 , page-13

re: Ann: Investor Roadshow Presentation March... I'm still bullish, and very happy to hold, but I think I will need to wait 18-24 months to get a good return on this one (i.e. greater than 100%). With seismic still to be done, and then drilling and possibly fraccing, we have to be patient.

Of course, there are other things that can happen, namely, acquisitions. We might also see nearby oil drills making PEL 570 even more attractive.

Always thought NSE was given a poison chalice with the debt agreements to fund drilling in the Eagleford shale. If those NSE wells come in under expectations, I can see NSE getting taken out cheaply by Magnum. That might lead to takeover activity in relation to AQO. More broadly, at current prices, AQO is ripe for picking but a hard target because of large blocking stakeholders.

Overall, I am settled in for the long-haul, as prospective investors will wait until drilling action is close before getting to impatient about acquiring shares.