Ann: Appendix 3B and 3Y, page-12

Imo the options are reward for excellent performance over the past few years and replace those that expired earlier in the year. This view is supported by the Chairman's Address in the annual accounts which says "I would like to thank the CEO, Mark Freeman, co-directors, Alan Boss and Stephen Keenihan, KC Whittemore, Kevin Kenning, Bill Radford and Scott Sechrist for their work during the year."

27m options is small and a premium to the current price. It would be wrong imo not to reward a management team that has delivered a doubling of income and profit in the year and has managed cash to enable self funded development. These things put GGE in a strong position despite overall market conditions and lower oil price. Compare this position with any other that are now vulnerable due to poor fundamentals.

SP is only one measure of performance but imo profitability and cash are more important. If fundamentals do not support the market cap overvalued coys will suffer the most and the undervalued ones have best chance to improve and also withstand overall market sentiment.

Company could do nothing for the rest of the year and will still make more money than most of the other oil speckies. Any further success even with low OP will build on the bottom line. The 3Y also provides ability to look for further growth if good prospects can be identified.

A good example is TPT of how mkt gets things wrong. SP was around 23c back in July and was 0.9 yesterday. CR was done at .6c will huge dilution. There are many similar examples over the past 6 months. We have had no CR's for over 3 years.

No luck required - just a good plan and implementation which we have

Cheers
Cheers