36c. Patersons say over $3, page-86

1. The "unlikely" scenario of $3 per share is based on $1.17/GJ 2P when LNG was $20/GJ and Brent was $145/bbl. However, AWE was taken over recently with minimum bids at $1.45/GJ recently in the perth basin in our more "subdued" environment.

2. Previous testing didn't work. But approximately $90million was spent on that testing by previous operator in order to gather knowledge on the way forward, hence the multilateral pilot now running and the discovery of high quality coals.

3. Jemena have signed binding agreements to build a pipeline from Mt isa through the Galilee basing to the east coast. The Galilee is in the middle of nowhere. The only way Jemena wouldve signed it with Galilee is if they had a high degree of confidence they would find significant gas.

4. The Board are resetting their placement limits. A capital raising would be at a very good price. Expect 10's of $millions, not single digit millions

5. Never heard of Minervini.

Cheers Deus