Ann: Project Restructure To Give Arrow LNG Produc, page-25

re: Ann: AOE: Project Restructure To Give Arr... cheers rule good to hear from you. good pick up on the b shares in the annual report.

after my recent experience with UMC I have a renewed healthy scepticism for the competing interest of management and self-interest. i am all for Brand and Bridgwood getting a nice reward for reaching milestones that help our SP however the sceptic in me is concerned about the pressure of all those sophisticated investors that got in at $1.25 sweating on a return AND those tasty B shares due in march.

So if the this was the only way would get FID for the project then management have served us well if not I hope management have not given up too much to obtain a short term gain and for the wrong reasons. I guess time will tell we are only mushrooms after all!

we should also keep in mind what LNG is about. its about building plants in the small-med size market, maintaining cutting edge technology in the field and furthering the OMSR product. So essentially if we can get Gladstone up an running it will give us the credentials to get the other projects moving. Dont forget this is the first plant of its type in the world people!