Ann: Investor Presentation, page-16

Au, had a quick look at the report and numbers pretty much in line with what I am working with , volume looks down a little but the price should be a little better & should balance out. Desiree prodn and disposals up to May are in sonris also for a crosscheck. The D&L2 conversion for salt water should be a good thing for 2015. reducing production cost contributes to the bottom line just the same as increasing income and if this can help D&L3 remain commercial for longer it is a good outcome.

R15, always handy to see the other coys reports. If you consider the Napville production they have is about 30bbls/day from 2 wells and if Louise is successful at around 400bbls/d this should give (3.99% OGI) another 16bbls/d resulting in 46bbls/d. Current mc is $600k or $13k per bbl/d. Desiree cost $1.2m for 145bbl/d or $8k/bbl so for GGE it is cheaper to do another well and you don't get the baggage. Still if value is $90k/bbl you comment has some merit even for a small stake. Last qtr they were cash +ve and I will be interested in seeing the qtrly and annual accounts for more clarity.

Be great to see a Louise spud, I made a good potatoe soup last week and so hopefully a good sign.
Cheers & all opinion only