January 2014

So... How about an UPDATE Anthony...

FROM JANUARY 24th
Dear Anthony,

Given the paucity of truly helpful information in said release, further assistance is required by this shareholder.

1/ Approximately how many days/weeks or months are expected to be required by our Company to investigate and review the seismic data?

(In a word, DEPENDS. We will know in the next few weeks and will update the market ASAP at that time. We are working with consultants who will advise us….but not long now.)

CAN YOU PLEASE UPDATE DEFINITION OF NOT LONG NOW?

2/ If the review eventually shows that further seismic is needed over the block, approx. how many days/weeks or months will be required for firstly, this seismic to be done.... and secondly, for it to be interpreted?

(6-8months.)

THAT WOULD MAKE IT JULY/SEPTEMBER - SHOULD BE CLOSE THEN HEY?

3/ If further seismic is not required, how long (approximately) is it expected to take to work the structural high into a drillable target? And when would drilling likely begin? And, if further seismic is required, would drilling likely begin in Quarter 2, 3 or 4 of 2014 - or is drilling in 2014 now only a remote possibility?

(6-8months from the decision to drill. This will depend on a number of variables….like access to the land. I asked if they would consider buying the land now that they know the time it took last time. AM suggested that they learned a lot from the last experience and will be able to get a faster result second time around. I asked why so long? AM said that to get the funds out of their performance bond, the company is required to go through formal process, which includes the way they tender for contracts to ensure everything is above board….especially in a country like Indonesia.

SO HAVE WE EVEN MADE A DECISION TO DRILL? BECAUSE WORDING SAYS 6-8 MONTHS FROM THEN - NICELY WORDED OP. ARE THE FUNDS OUT OF THE PERFORMANCE BOND?

AM said that if we do have to shoot further seismic this year, it is unlikely we would be drilling this year. I suggested that the consultants that are advising us will always suggest further seismic as a way of covering themselves…so surely it will lead to that outcome. AM said they have massive expertise on the board, with a guy like Geoff Mitchell on board, who has drilled how many hundreds of wells, they are well equipped to make that assessment.)As you can see from the above, the general thrust of this email is to query why ALL of this information wasn't included in the release in the first place?

SO WHAT WAS THE OUTCOME? HOW ABOUT GEOFF MITCHELL DRILL 1 MORE HOLE CONSIDERING HE HAS DONE HUNDREDS...
WHAT WAS THE RESULTS OF THE SEISMIC? WHY HAVEN'T THOSE RESULTS BEEN RELEASED? WHY HAS THERE BEEN NO ASSESSMENT AND IF SO WHERE ARE THE RESULTS?

Having read this release, I dare say every 'average' holder, and any potential new buyer of this stock walked away from their computer screen wondering how and why its writer would deem it acceptable to be so unforthcoming with pertinent information.

I write this email to you as the bottom of today's release informed readers that for any further information on said release, readers should contact you here. I'm assuming this was placed in the release in good faith.

I genuinely don't believe the above questions are unrealistic. Indeed, I am sincerely flabbergasted that the writer of the release didn't think it was relevant to inform the shareholders of the information I have asked about. Surely it was the professional and honourable thing to do.

ARE YOU STILL FLABBERGASTED KIRIL OR HAS THAT TURNED TO DISGUST?

Notwithstanding the obvious difficulty encountered by the Company in attempting to drill in Indonesia, surely that is a separate issue to HQ disseminating information in a timely and illuminating fashion.

Hoping for a genuine and expansive reply, or preferably, a further ASX release that includes answers to the above.

Regards,

Kiril Ruvinsky