Ann: Investor Roadshow Presentation, page-101

How so Bigal? Origin has raised at a massive 34% discount. They are sacking something in the order of 30% of their workforce, cutting dividends, capex and selling non-core assets. They won't be taking over anyone.

The Origin announcement is interesting for me in a couple of respects.

1. It may be the final step toward capitulation in the Aussie oil stocks. Rick Rule often talks about the concept of 'issuer capitulation' where companies finally buckle and raise funds for survival. Santos may follow in the same way the banks did one after another earlier this year.

2. Origin specifically said they are looking at selling 'non-operated upstream interests'. To me this means the Cooper Basin JV stake which is about 13% from memory. So we have Origin, Beach and perhaps Santos looking to sell their interests in Moomba plant and/or fields. Drillsearch can be a player in any carve up of assets. If they can refinance the debt and pick up cheap assets (which they know well) at the bottom of the market then it may be a substantial opportunity.