Ann: Operations Update Permit ATP852P Cameron Wel, page-4

re: Ann: Operations Update Permit ATP852P Cam... On the surface, probably seems like stupid comment I know, as of course I will wait for next week to see if there is another round of offerings to be made.

To explain what I was thinking of though; is that if Shell do trully want PES through Arrow (by similarity that BG got Sunshine through QGC)then continued dillution of AOE shares of a more expensive PES may reult in a lower the price of a Shell bid for AOE. I guess I had an expectation that Sunshine Gas would have announced to the market their results and reserves from both the Polaris and Atria permit, however they never did..thus, the takeover offer from QGC seemed reasonable on a PJ/$ consideration. In the end, Sunshine went for much more which considerably increased the PJ/$ value of the original deal when you consider Sunshines reserves independent within the BG takeover of BG.

I would draw the conclusion that if Sunshine had have announced any major reserves upgrades, then they would have become an undesirable takeover target. QGC would have had to have lowered their offer for them and the shareholders would not have accepted the revised seemingly lowball offer.

So no Beerie, I still hope PES do not up any reserves at this point in time as I would like to see the rest of my PES holding transferred to AOE. Always happy to accept higher offers from AOE if they are happy to put them on the table though.

Cheers,

SF