Ann: Quarterly Report, page-6

I'm impressed, quarterly is 8 days early and we have now had 4 quarters in a row with no capital raising and surplus cash each quarter

• "The majority of Louise dry hole well costs were prepaid in the June quarter" therefore lower commercial risk now for 2015 year
• West Klondike working interest increased to 11.7% with production to come
• New experienced Gulf Coast geophysicist joined the team
• Desiree consistently ticking along nicely at around 400 bbls/ day ( GGE 35.6% WI)
• Abita recompleted and currently producing from upper 18 sand
• PUD oil estimate around 470 Mbo (excluding WK)
• No capital raisings in the year, no dilution and no debt
• Working towards 3 further drilling targets for the year
• 2 Market updates and 1 Investor presentation in last 6 weeks
• Contribution from production is roughly AUS $61/boe based on US $107.61 (brent  bbl)
• Production is around 94% oil
• Admin higher this qtr but $834k for the full year which is low compared to most peers.
• Current production roughly 177boed @ $90k per boed = $15.9m + cash $1.8 = $17.7m or 2.4 c/s

Offsets. Delay in drilling due rig availability, unable to convert D&L2 for SWD so costs a bit higher until alternative found, legal costs for defence probably added to admin

Good work mgt,
GLTA