Ann: Operations Update - Permit to Drill Approved, page-30

I was listeningto the Commsec interview Otto’s chairman John Letter did on 28/11 where hestates WINX-1 will be a 3 week drilling program with
a 40-50% chance of success (at the 4:40 min mark of the interview).

John Letter interview

This is clearlyat odds with the 25-30% geological chance of success jointly announced by theconsortium partners.

It is in linewith Otto’s AGM chairman’s address where he states:


What are we to makeof this? Otto internally more bullish on the WINX prospect than the otherpartners?

Partners publiclybeing more conservative and Otto chairman let slip when interviewed?

Not likely andit is almost in writing – ‘minimum probability of success of 40%’  

Personally itmakes no difference to my investment in 88E, but it does provide a bit moreconfidence when you compare 25% with 50%.