Ann: Comments on release concerning Philippine Se, page-13

re: Ann: OEL: Comments on release concerning ... BHP did walk away when negotions fell through at the peak of the GFC in may 2009 as per this release

http://www.asx.com.au/asxpdf/20090505/pdf/31hfbcb8fv0783.pdf

However BHP have come back a second time on the 15/01/2010 and agreed to pay all of the 1800 km 3d seismic program

http://www.asx.com.au/asxpdf/20100115/pdf/31n5pp5gn516wx.pdf

So while the old agreement struck in early 2009 did fall through BHP did come back and have spent in the region of $30 million paying for an extensive 1800km 3d seismic shoot and interpretation. The seismic is still being interpreted and otto and other equity holders have to decide to drill by aug 2011. Good to get the entire perspective which is while BHP did walk away in may 2009 they have come back and paid for a seismic shoot entirely before even making a decision to farm in or not.

The big issue i think otto have is some of the wording in the release to the market that BPO put out which they wanted t clear up. Will be interesting to see what release BPO will put on monday