issue undersubscribed, page-9

PC43,

BPT suggest that a target in Vic/P46 will be drilled in Q2/2008. May push-out to Q3/2008.

EPR will commence the onshore campaign immediately with drilling to start in early next year. These are onshore and shallow gas wells so we should get news early. This will really impact SP and more importantly, given that infrastructure is close-by, the onshore wells will provide cash flow for offshore exploration. Depending on the production profile of the onshore wells, there may also be a chance to raise a loan with a specialist lender.

Other funding options are farm-down and capital raising.

I agree with the call on dilution. 500m shares out there now. Need to hit the target this time around...

Only received 1 in 7 additional shares applied for. Not happy but will settle...